Dave Inc. (NASDAQ:DAVE) Given Average Rating of “Moderate Buy” by Analysts

Dave Inc. (NASDAQ:DAVE) has received a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $312.1250.

Several equities analysts have recently weighed in on the stock. Barrington Research restated an “outperform” rating and set a $290.00 price objective on shares of Dave in a research report on Tuesday, March 10th. Lake Street Capital boosted their target price on shares of Dave from $308.00 to $326.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods increased their target price on shares of Dave from $250.00 to $295.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Benchmark restated a “buy” rating on shares of Dave in a report on Tuesday, March 3rd. Finally, Weiss Ratings lowered shares of Dave from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 26th.

Dave Stock Down 3.1%

Shares of DAVE stock opened at $169.46 on Tuesday. The stock has a 50-day simple moving average of $189.08 and a 200 day simple moving average of $206.84. The stock has a market capitalization of $2.30 billion, a P/E ratio of 12.55 and a beta of 3.85. Dave has a fifty-two week low of $65.46 and a fifty-two week high of $286.45.

Dave announced that its Board of Directors has approved a share repurchase plan on Monday, March 2nd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the fintech company to reacquire up to 11.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Dave

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in Dave by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 67,792 shares of the fintech company’s stock worth $13,514,000 after purchasing an additional 12,555 shares during the period. Robeco Institutional Asset Management B.V. grew its position in Dave by 81.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 19,375 shares of the fintech company’s stock worth $3,862,000 after purchasing an additional 8,681 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new stake in Dave during the 3rd quarter valued at $1,561,000. Hudson Bay Capital Management LP acquired a new stake in Dave during the 3rd quarter valued at $1,826,000. Finally, Voya Investment Management LLC lifted its holdings in shares of Dave by 5,603.0% in the third quarter. Voya Investment Management LLC now owns 144,285 shares of the fintech company’s stock valued at $28,763,000 after purchasing an additional 141,755 shares in the last quarter. 18.01% of the stock is currently owned by institutional investors and hedge funds.

Dave Company Profile

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave’s offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.