Dave (NASDAQ:DAVE) Reaches New 1-Year High – Still a Buy?

Dave Inc (NASDAQ:DAVE) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $233.59 and last traded at $231.67, with a volume of 389066 shares changing hands. The stock had previously closed at $224.58.

Analyst Upgrades and Downgrades

DAVE has been the subject of several research analyst reports. BMO Capital Markets reiterated an “outperform” rating on shares of Dave in a research note on Tuesday. JMP Securities upped their price target on shares of Dave from $125.00 to $200.00 and gave the company a “market outperform” rating in a report on Friday, May 9th. Piper Sandler reissued a “neutral” rating on shares of Dave in a report on Tuesday. Barrington Research reissued an “outperform” rating and issued a $250.00 target price on shares of Dave in a research report on Thursday. Finally, B. Riley upped their target price on shares of Dave from $206.00 to $239.00 and gave the company a “buy” rating in a research note on Tuesday, May 27th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $212.33.

Dave Trading Down 12.6%

The company has a debt-to-equity ratio of 0.48, a current ratio of 6.81 and a quick ratio of 6.81. The business’s fifty day simple moving average is $146.65 and its 200 day simple moving average is $111.07. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 66.53 and a beta of 3.93.

Dave (NASDAQ:DAVE) last released its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $1.15. Dave had a return on equity of 17.16% and a net margin of 12.92%. On average, research analysts predict that Dave Inc will post 1.07 EPS for the current year.

Dave announced that its board has authorized a share buyback program on Monday, March 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the fintech company to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Dave

In other Dave news, Director Yadin Rozov sold 5,500 shares of Dave stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $206.94, for a total transaction of $1,138,170.00. Following the sale, the director now owns 95,678 shares of the company’s stock, valued at $19,799,605.32. The trade was a 5.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 28.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new stake in Dave Inc (NASDAQ:DAVE) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 42,179 shares of the fintech company’s stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned approximately 0.33% of Dave as of its most recent SEC filing. 18.01% of the stock is currently owned by institutional investors and hedge funds.

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.