Dave (NASDAQ:DAVE) Upgraded to “Strong-Buy” at Freedom Capital

Dave (NASDAQ:DAVE) was upgraded by research analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued on Friday, Zacks reports.

A number of other research analysts have also issued reports on DAVE. JPMorgan Chase & Co. reduced their target price on shares of Dave from $480.00 to $435.00 and set an “overweight” rating for the company in a research note on Thursday, November 5th. Canaccord Genuity Group raised their price target on shares of Dave from $342.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Dave in a research note on Friday, November 6th. Citigroup reaffirmed an “outperform” rating on shares of Dave in a report on Thursday, August 6th. Finally, Lake Street Capital reissued a “buy” rating and issued a $450.00 price objective on shares of Dave in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $420.29.

Dave Stock Performance

DAVE traded up $9.67 during trading on Friday, reaching $277.04. 281,770 shares of the company were exchanged, compared to its average volume of 396,899. Dave has a 52 week low of $152.21 and a 52 week high of $458.25. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $338.77 and a 200 day moving average of $291.48. The stock has a market cap of $3.54 billion, a P/E ratio of 22.38 and a beta of 4.07.

Dave (NASDAQ:DAVE) last posted its earnings results on Wednesday, November 4th. The fintech company reported $4.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.09 by $0.30. Dave had a return on equity of 59.86% and a net margin of 28.15%. The company had revenue of $197.70 million for the quarter, compared to analysts’ expectations of $191.89 million. On average, sell-side analysts forecast that Dave will post 13.37 EPS for the current fiscal year.

Institutional Trading of Dave

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gratia Capital LLC bought a new position in shares of Dave in the third quarter valued at approximately $1,929,000. Empowered Funds LLC increased its stake in shares of Dave by 3.6% during the third quarter. Empowered Funds LLC now owns 109,483 shares of the fintech company’s stock valued at $35,200,000 after acquiring an additional 3,797 shares during the period. First Trust Advisors LP raised its holdings in Dave by 45.7% during the third quarter. First Trust Advisors LP now owns 120,028 shares of the fintech company’s stock worth $38,590,000 after purchasing an additional 37,664 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in Dave during the third quarter worth approximately $865,000. Finally, Ieq Capital LLC lifted its position in Dave by 145.4% in the third quarter. Ieq Capital LLC now owns 67,620 shares of the fintech company’s stock worth $21,741,000 after purchasing an additional 40,064 shares during the period. 18.01% of the stock is currently owned by institutional investors.

Trending Headlines about Dave

These are some of the DAVE headlines that stood out recently:

• Positive Sentiment: Freedom Broker upgraded Dave from “hold” to “buy” and set a $350 price target, about 26% above the cited share price. The upgrade may support investor optimism. Freedom Broker stock recommendations
• Negative Sentiment: Lowey Dannenberg said it is investigating Dave for potential violations of federal securities laws. The announcement could weigh on sentiment, but it is an investigation—not a finding of wrongdoing or a filed lawsuit. Investigation announcement

Dave Company Profile

Dave Inc. is a financial technology company that operates a mobile banking and personal finance platform in the United States. Its app is designed to help members manage everyday finances and access financial products through a digital interface. The company’s offerings include ExtraCash, a cash advance product, and Dave Checking, along with budgeting features and tools intended to help users monitor spending and avoid overdrafts. Dave also provides access to job opportunities through its Side Hustle feature.