Dave (NASDAQ:DAVE) Stock Price Down 7.9% – Here’s Why

Dave Inc. (NASDAQ:DAVE)’s share price fell 7.9% during trading on Monday . The stock traded as low as $200.75 and last traded at $201.0950. 294,494 shares were traded during mid-day trading, a decline of 41% from the average session volume of 503,382 shares. The stock had previously closed at $218.26.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Lake Street Capital reaffirmed a “buy” rating and set a $308.00 price objective on shares of 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. Weiss Ratings cut shares of Dave from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, November 24th. Canaccord Genuity Group lifted their price objective on shares of Dave from $229.00 to $274.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, B. Riley reissued a “buy” rating and set a $297.00 target price (up from $277.00) on shares of Dave in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Dave presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.25.

Dave Trading Down 6.6%

The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 20.21 and a beta of 3.89. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69. The firm’s fifty day moving average is $218.66 and its 200-day moving average is $216.32.

Dave (NASDAQ:DAVE) last issued its earnings results on Tuesday, November 4th. The fintech company reported $4.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $1.95. Dave had a return on equity of 65.86% and a net margin of 29.85%.The company had revenue of $150.73 million for the quarter, compared to analysts’ expectations of $153.09 million. Dave has set its FY 2025 guidance at EPS. Equities analysts anticipate that Dave Inc. will post 1.07 earnings per share for the current year.

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

Insider Transactions at Dave

In other news, Director Imran Khan sold 39,534 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 79,110 shares of the company’s stock, valued at $17,651,814.30. The trade was a 33.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Yadin Rozov sold 14,660 shares of Dave 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 completion of the sale, the director owned 79,923 shares of the company’s stock, valued at $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. Over the last quarter, insiders have sold 226,943 shares of company stock worth $50,301,987. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

A number of hedge funds have recently added to or reduced their stakes in DAVE. WealthCollab LLC acquired a new stake in Dave during the second quarter worth $30,000. National Bank of Canada FI acquired a new position in shares of Dave during the 3rd quarter worth about $30,000. Nisa Investment Advisors LLC grew its position in shares of Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after buying an additional 148 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in Dave during the 3rd quarter worth approximately $47,000. Finally, Team Financial Group LLC acquired a new stake in Dave during the 3rd quarter worth $54,000. 18.01% of the stock is currently owned by institutional investors.

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.