Dave Inc. $DAVE Shares Sold by Precision Wealth Strategies LLC

Precision Wealth Strategies LLC cut its position in shares of Dave Inc. (NASDAQ:DAVE) by 46.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,023 shares of the fintech company’s stock after selling 1,728 shares during the quarter. Precision Wealth Strategies LLC’s holdings in Dave were worth $543,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Great Lakes Advisors LLC acquired a new stake in Dave during the first quarter worth approximately $3,487,000. Pallas Capital Advisors LLC purchased a new position in shares of Dave during the 2nd quarter worth $227,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Dave during the second quarter worth $591,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Dave during the second quarter worth $656,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Dave in the second quarter valued at $621,000. Institutional investors and hedge funds own 18.01% of the company’s stock.

Insider Activity at Dave

In other Dave news, Director Yadin Rozov sold 14,660 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $199.54, for a total value of $2,925,256.40. Following the transaction, the director directly owned 79,923 shares of the company’s stock, valued at $15,947,835.42. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Imran Khan sold 39,534 shares of the business’s 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 in the company, valued at approximately $17,651,814.30. This represents a 33.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,943 shares of company stock worth $50,301,987. 28.48% of the stock is currently owned by corporate insiders.

Dave Trading Down 1.0%

NASDAQ DAVE opened at $197.35 on Thursday. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 52.21 and a beta of 3.89. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. Dave Inc. has a one year low of $37.44 and a one year high of $286.45. The company’s 50 day moving average price is $211.42 and its 200 day moving average price is $178.59.

Dave announced that its board has initiated a share repurchase plan on Wednesday, August 13th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on DAVE shares. JPMorgan Chase & Co. set a $300.00 target price on Dave in a research report on Friday, September 26th. Piper Sandler reiterated a “neutral” rating on shares of Dave in a report on Tuesday, June 10th. BMO Capital Markets reissued an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Benchmark reaffirmed a “buy” rating and set a $320.00 price target on shares of Dave in a research report on Wednesday. Finally, Citigroup reaffirmed an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $274.13.

Dave Company 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.