Analysts Set Dave Inc. (NASDAQ:DAVE) Target Price at $274.13

Shares of Dave Inc. (NASDAQ:DAVE) have been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $274.1250.

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Dave from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Canaccord Genuity Group raised their target price on shares of Dave from $179.00 to $229.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Citizens Jmp raised their target price on shares of Dave from $280.00 to $300.00 and gave the company a “mkt outperform” rating in a research note on Friday, September 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of Dave in a research note on Wednesday, October 8th. Finally, Citigroup reissued an “outperform” rating on shares of Dave in a research note on Thursday, August 7th.

Dave Stock Up 0.3%

Shares of DAVE opened at $240.11 on Friday. The firm has a market cap of $3.24 billion, a PE ratio of 63.52 and a beta of 3.88. The company’s fifty day moving average is $217.97 and its two-hundred day moving average is $202.67. Dave has a fifty-two week low of $37.44 and a fifty-two week high of $286.45. 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 has initiated a stock buyback program on Wednesday, August 13th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the fintech company to buy up to 5.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jason Wilk sold 81,693 shares of Dave stock in a transaction on Friday, September 19th. The shares were sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the sale, the chief executive officer owned 217,854 shares of the company’s stock, valued at $50,167,419.12. The trade was a 27.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Imran Khan sold 8,535 shares of Dave stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $217.70, for a total transaction of $1,858,069.50. Following the sale, the director directly owned 48,885 shares in the company, valued at $10,642,264.50. This trade represents a 14.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 226,943 shares of company stock valued at $50,301,987 in the last quarter. Company insiders own 28.48% of the company’s stock.

Institutional Investors Weigh In On Dave

Hedge funds and other institutional investors have recently modified their holdings of the stock. WealthCollab LLC bought a new stake in shares of Dave in the 2nd quarter worth about $30,000. Nisa Investment Advisors LLC boosted its holdings in shares of Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after buying an additional 148 shares during the period. Exchange Traded Concepts LLC acquired a new position in shares of Dave in the 3rd quarter valued at about $47,000. Team Financial Group LLC acquired a new position in shares of Dave in the 3rd quarter valued at about $54,000. Finally, KBC Group NV acquired a new position in shares of Dave in the 2nd quarter valued at about $85,000. Institutional investors own 18.01% of the company’s stock.

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.