Ardsley Advisory Partners LP Makes New Investment in Dave Inc. $DAVE

Ardsley Advisory Partners LP acquired a new stake in shares of Dave Inc. (NASDAQ:DAVE) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 35,000 shares of the fintech company’s stock, valued at approximately $9,394,000. Dave makes up 1.2% of Ardsley Advisory Partners LP’s investment portfolio, making the stock its 21st biggest position. Ardsley Advisory Partners LP owned 0.26% of Dave as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock worth $41,000 after buying an additional 148 shares during the period. KBC Group NV bought a new stake in Dave in the second quarter valued at $85,000. Catalyst Capital Advisors LLC acquired a new position in Dave during the second quarter worth $141,000. Kingswood Wealth Advisors LLC bought a new position in shares of Dave during the second quarter valued at $208,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Dave during the second quarter valued at $213,000. 18.01% of the stock is currently owned by institutional investors.

Dave Trading Down 3.8%

DAVE opened at $194.69 on Wednesday. The firm has a 50 day simple moving average of $216.06 and a 200 day simple moving average of $216.92. Dave Inc. has a fifty-two week low of $65.46 and a fifty-two week high of $286.45. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 19.30 and a beta of 3.90. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69.

Dave (NASDAQ:DAVE) last announced its quarterly earnings data on Tuesday, November 4th. The fintech company reported $4.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $1.95. Dave had a net margin of 29.85% and a return on equity of 65.86%. The firm had revenue of $150.73 million for the quarter, compared to analysts’ expectations of $153.09 million. On average, sell-side analysts anticipate that Dave Inc. will post 1.07 earnings per share for the current year.

Dave announced that its Board of Directors has approved a share repurchase plan on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the fintech company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DAVE. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dave in a report on Monday. Lake Street Capital restated a “buy” rating and issued a $308.00 price target on shares of Dave in a research report on Wednesday, November 5th. Zacks Research raised shares of Dave from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. JPMorgan Chase & Co. set a $300.00 price objective on shares of Dave in a report on Friday, September 26th. Finally, Benchmark lifted their target price on shares of Dave from $320.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Dave has an average rating of “Moderate Buy” and a consensus price target of $304.25.

Insider Transactions at Dave

In other Dave news, Director Imran Khan sold 39,534 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $223.13, for a total value of $8,821,221.42. Following the transaction, the director owned 79,110 shares of the company’s stock, valued at approximately $17,651,814.30. This represents a 33.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at $50,167,419.12. The trade was a 27.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 212,119 shares of company stock worth $47,376,336 in the last three months. Insiders own 28.48% of the company’s stock.

Dave Profile

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.