AlphaQuest LLC Acquires 2,401 Shares of Dave Inc. $DAVE

AlphaQuest LLC grew its holdings in Dave Inc. (NASDAQ:DAVE) by 125.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 4,318 shares of the fintech company’s stock after buying an additional 2,401 shares during the quarter. AlphaQuest LLC’s holdings in Dave were worth $1,159,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. KLP Kapitalforvaltning AS raised its holdings in shares of Dave by 11.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,900 shares of the fintech company’s stock valued at $510,000 after purchasing an additional 200 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of Dave in the 2nd quarter valued at about $141,000. Kingswood Wealth Advisors LLC bought a new stake in shares of Dave in the 2nd quarter valued at about $208,000. Pallas Capital Advisors LLC bought a new stake in shares of Dave in the 2nd quarter valued at about $227,000. Finally, Silver Oak Wealth Advisors Services LLC purchased a new position in shares of Dave in the 2nd quarter worth approximately $501,000. Institutional investors own 18.01% of the company’s stock.

Dave Stock Up 3.2%

NASDAQ:DAVE opened at $248.67 on Friday. The company has a market cap of $3.36 billion, a PE ratio of 65.79 and a beta of 3.88. Dave Inc. has a twelve month low of $37.44 and a twelve month high of $286.45. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $212.16 and its two-hundred day moving average is $194.44.

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

Insiders Place Their Bets

In other Dave news, CEO Jason Wilk sold 81,693 shares of the business’s stock in a transaction that occurred 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 approximately $50,167,419.12. The trade was a 27.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Imran Khan sold 8,535 shares of the business’s stock in a transaction that occurred 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 approximately $10,642,264.50. This represents a 14.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 226,943 shares of company stock valued at $50,301,987. Insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

DAVE has been the topic of a number of analyst reports. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price objective on shares of Dave in a research report on Monday, August 18th. Citigroup reaffirmed an “outperform” rating on shares of Dave in a research report on Thursday, August 7th. Canaccord Genuity Group lifted their price objective on shares of Dave from $179.00 to $229.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dave in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Dave has an average rating of “Moderate Buy” and an average target price of $274.13.

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.