Dave (NASDAQ:DAVE) Shares Down 6.1% – Time to Sell?

Dave Inc. (NASDAQ:DAVE)’s stock price traded down 6.1% during mid-day trading on Thursday . The stock traded as low as $228.06 and last traded at $226.7580. 84,232 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 496,097 shares. The stock had previously closed at $241.59.

Analysts Set New Price Targets

DAVE has been the topic of several research analyst reports. Lake Street Capital restated a “buy” rating and set a $308.00 target price on shares of Dave in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Dave in a research report on Tuesday. JMP Securities set a $310.00 price target on Dave in a report on Wednesday, November 5th. Wall Street Zen raised Dave from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Benchmark boosted their target price on Dave from $320.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Dave currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.25.

Dave Trading Down 11.2%

The stock has a market cap of $2.89 billion, a PE ratio of 21.25 and a beta of 3.89. The company has a debt-to-equity ratio of 0.26, a quick ratio of 8.69 and a current ratio of 8.69. The business has a 50-day moving average of $221.80 and a 200 day moving average of $209.30.

Dave (NASDAQ:DAVE) last issued its quarterly earnings results on Tuesday, November 4th. The fintech company reported $4.24 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $1.95. The business had revenue of $139.30 million during the quarter, compared to the consensus estimate of $153.09 million. Dave had a net margin of 29.85% and a return on equity of 65.86%. Dave has set its FY 2025 guidance at EPS. Equities research analysts predict that Dave Inc. will post 1.07 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Imran Khan sold 8,535 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director directly owned 48,885 shares in the company, valued at approximately $10,642,264.50. The trade was a 14.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yadin Rozov sold 4,726 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $228.06, for a total transaction of $1,077,811.56. Following the transaction, the director directly owned 75,197 shares in the company, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 226,943 shares of company stock valued at $50,301,987. Insiders own 28.48% of the company’s stock.

Institutional Trading of Dave

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC boosted its holdings in Dave by 5,603.0% in the third quarter. Voya Investment Management LLC now owns 144,285 shares of the fintech company’s stock valued at $28,763,000 after acquiring an additional 141,755 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Dave in the 3rd quarter valued at about $26,726,000. Invesco Ltd. grew its holdings in shares of Dave by 2,379.9% during the 2nd quarter. Invesco Ltd. now owns 97,485 shares of the fintech company’s stock worth $26,166,000 after purchasing an additional 93,554 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Dave by 14,074.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 84,766 shares of the fintech company’s stock worth $22,752,000 after purchasing an additional 84,168 shares during the period. Finally, Mane Global Capital Management LP acquired a new stake in Dave during the 2nd quarter worth approximately $20,035,000. 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.