Y Intercept Hong Kong Ltd Acquires Shares of 5,214 Dave Inc. $DAVE

Y Intercept Hong Kong Ltd acquired a new stake in Dave Inc. (NASDAQ:DAVE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,214 shares of the fintech company’s stock, valued at approximately $1,399,000.

Other institutional investors also recently bought and sold shares of the company. Silver Oak Wealth Advisors Services LLC purchased a new position in shares of Dave in the second quarter valued at approximately $501,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Dave in the second quarter worth approximately $913,000. Great Lakes Advisors LLC acquired a new stake in shares of Dave in the first quarter worth approximately $3,487,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Dave in the second quarter worth approximately $591,000. Finally, AlphaQuest LLC boosted its stake in shares of Dave by 125.2% in the second quarter. AlphaQuest LLC now owns 4,318 shares of the fintech company’s stock worth $1,159,000 after acquiring an additional 2,401 shares during the last quarter. 18.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Dave news, CEO Jason Wilk sold 81,693 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the sale, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yadin Rozov sold 4,726 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $228.06, for a total value of $1,077,811.56. Following the completion of the sale, the director directly owned 75,197 shares of the company’s stock, valued at $17,149,427.82. This trade represents a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 226,943 shares of company stock valued at $50,301,987 in the last three months. 28.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DAVE shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dave in a research note on Wednesday, October 8th. Canaccord Genuity Group lifted their price target on Dave from $179.00 to $229.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Citigroup reaffirmed an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. JPMorgan Chase & Co. set a $300.00 price target on Dave in a research note on Friday, September 26th. Finally, Benchmark reaffirmed a “buy” rating and issued a $320.00 price target on shares of Dave in a research note on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Dave currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.13.

Dave Stock Up 6.8%

Shares of DAVE opened at $239.32 on Monday. Dave Inc. has a 52-week low of $37.44 and a 52-week high of $286.45. The company has a market capitalization of $3.23 billion, a PE ratio of 63.31 and a beta of 3.89. The stock has a fifty day simple moving average of $217.13 and a two-hundred day simple moving average of $201.58. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35.

Dave announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

About Dave

Dave, Inc is a digital banking service. Its products include a budgeting tool to help members manage their upcoming bills to avoid overspending, cash advances through its flagship ExtraCash product to help members avoid punitive overdraft fees, a Side Hustle product, where Dave helps connect members with supplemental work opportunities, and Dave Banking, a modern checking account experience with valuable tools for building long-term financial health.