Dave (NASDAQ:DAVE) Price Target Raised to $345.00 at Benchmark

Dave (NASDAQ:DAVE) had its price target lifted by Benchmark from $320.00 to $345.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the fintech company’s stock. Benchmark’s price objective points to a potential upside of 45.22% from the stock’s previous close.

Several other brokerages also recently weighed in on DAVE. Citigroup restated an “outperform” rating on shares of Dave in a research report on Wednesday. Barrington Research reiterated an “outperform” rating and set a $290.00 price objective on shares of Dave in a research report on Monday. B. Riley increased their target price on shares of Dave from $239.00 to $277.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. JMP Securities set a $310.00 price objective on shares of Dave in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price target on Dave from $229.00 to $274.00 and gave the company a “buy” rating in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.38.

Dave Trading Up 1.3%

NASDAQ DAVE opened at $237.57 on Wednesday. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 62.41 and a beta of 3.89. Dave has a 52 week low of $39.24 and a 52 week high of $286.45. The stock’s 50 day moving average price is $218.50 and its two-hundred day moving average price is $203.73. 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 (NASDAQ:DAVE) last issued its earnings results on Tuesday, November 4th. The fintech company reported $6.34 EPS for the quarter, topping the consensus estimate of $2.25 by $4.09. The company had revenue of $150.80 million during the quarter, compared to the consensus estimate of $133.50 million. Dave had a return on equity of 33.02% and a net margin of 12.74%. Dave has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Dave will post 1.07 earnings per share for the current fiscal year.

Dave declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 13th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the fintech company to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Dave

In other Dave news, Director Imran Khan sold 8,535 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $217.70, for a total value of $1,858,069.50. Following the transaction, the director directly owned 48,885 shares in the company, valued at $10,642,264.50. The trade was a 14.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of Dave stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the completion of the sale, the chief executive officer directly owned 217,854 shares in the company, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 226,943 shares of company stock worth $50,301,987 in the last ninety days. Company insiders own 28.48% of the company’s stock.

Institutional Trading of Dave

Several hedge funds have recently made changes to their positions in the company. WealthCollab LLC bought a new stake in Dave in the 2nd quarter valued at about $30,000. Nisa Investment Advisors LLC raised its holdings in Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after acquiring an additional 148 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Dave during the third quarter worth $47,000. Team Financial Group LLC bought a new position in shares of Dave in the third quarter worth $54,000. Finally, KBC Group NV purchased a new position in shares of Dave in the second quarter valued at $85,000. 18.01% of the stock is currently owned by institutional investors.

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.