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

Dave (NASDAQ:DAVE) had its price objective increased by Benchmark from $320.00 to $345.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the fintech company’s stock.

Other analysts have also recently issued research reports about the stock. Barrington Research reiterated an “outperform” rating and issued a $290.00 price objective on shares of Dave in a research note on Monday. B. Riley raised their target price on shares of Dave from $239.00 to $277.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Zacks Research raised shares of Dave from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Dave in a report on Wednesday, October 8th. Finally, Citigroup reissued an “outperform” rating on shares of Dave in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.25.

Dave Price Performance

Shares of Dave stock opened at $243.47 on Wednesday. Dave has a twelve month low of $39.24 and a twelve month high of $286.45. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $219.21 and a two-hundred day simple moving average of $204.01. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 24.13 and a beta of 3.89.

Dave declared that its board has initiated a share buyback program on Wednesday, August 13th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the fintech company to repurchase up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Jason Wilk sold 81,693 shares of the company’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 completion of the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at $50,167,419.12. This represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yadin Rozov sold 14,660 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $199.54, for a total transaction of $2,925,256.40. Following the transaction, the director owned 79,923 shares of the company’s stock, valued at approximately $15,947,835.42. This represents a 15.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 226,943 shares of company stock worth $50,301,987 in the last three months. 28.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dave

A number of institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. increased its position in Dave by 3.2% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,953 shares of the fintech company’s stock worth $524,000 after purchasing an additional 60 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Dave by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company’s stock worth $2,412,000 after acquiring an additional 65 shares during the last quarter. Arizona State Retirement System grew its holdings in Dave by 3.3% during the 3rd quarter. Arizona State Retirement System now owns 2,787 shares of the fintech company’s stock worth $556,000 after acquiring an additional 88 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Dave by 3.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 2,931 shares of the fintech company’s stock worth $787,000 after acquiring an additional 91 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in Dave by 2.3% during the 3rd quarter. AlphaQuest LLC now owns 4,419 shares of the fintech company’s stock worth $881,000 after acquiring an additional 101 shares during the last quarter. 18.01% of the stock is currently owned by institutional investors and hedge funds.

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.