Brokerages Set Dave Inc. (NASDAQ:DAVE) Price Target at $315.25

Shares of Dave Inc. (NASDAQ:DAVE) have been given an average recommendation of “Moderate Buy” by the fourteen research firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $315.25.

Several equities analysts have weighed in on the company. UBS Group reissued a “neutral” rating on shares of Dave in a report on Friday, March 13th. Citigroup reissued an “outperform” rating on shares of Dave in a report on Friday, April 10th. Citizens Jmp increased their price objective on Dave from $310.00 to $335.00 and gave the company a “market outperform” rating in a report on Friday, April 10th. Benchmark reissued a “buy” rating on shares of Dave in a report on Tuesday, March 3rd. Finally, Wall Street Zen downgraded Dave from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th.

Dave Trading Up 1.8%

Shares of NASDAQ DAVE opened at $279.48 on Friday. The stock has a fifty day simple moving average of $205.57 and a two-hundred day simple moving average of $207.03. Dave has a 1-year low of $88.58 and a 1-year high of $287.69. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 20.70 and a beta of 3.81.

Dave announced that its board has initiated a stock repurchase program on Monday, March 2nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the fintech company to reacquire up to 11.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Dave

Several institutional investors have recently made changes to their positions in the stock. Divisadero Street Capital Management LP lifted its position in shares of Dave by 73.1% during the third quarter. Divisadero Street Capital Management LP now owns 925,266 shares of the fintech company’s stock worth $184,452,000 after acquiring an additional 390,676 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Dave by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 685,839 shares of the fintech company’s stock worth $151,852,000 after acquiring an additional 30,546 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Dave by 29.2% during the fourth quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company’s stock worth $110,506,000 after acquiring an additional 112,700 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Dave by 31.1% during the fourth quarter. Geode Capital Management LLC now owns 318,295 shares of the fintech company’s stock worth $70,483,000 after acquiring an additional 75,576 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Dave by 10.6% during the fourth quarter. State Street Corp now owns 233,163 shares of the fintech company’s stock worth $51,625,000 after acquiring an additional 22,274 shares in the last quarter. Hedge funds and other institutional investors own 18.01% of the company’s stock.

About Dave

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.