Mane Global Capital Management LP Makes New $20.04 Million Investment in Dave Inc. $DAVE

Mane Global Capital Management LP bought a new stake in shares of Dave Inc. (NASDAQ:DAVE) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 74,642 shares of the fintech company’s stock, valued at approximately $20,035,000.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Dave by 14.6% during the second quarter. Geode Capital Management LLC now owns 207,773 shares of the fintech company’s stock worth $55,774,000 after buying an additional 26,515 shares during the last quarter. Invesco Ltd. grew its holdings in 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 acquiring an additional 93,554 shares during the period. Qube Research & Technologies Ltd raised its position in shares of Dave by 173.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 82,410 shares of the fintech company’s stock valued at $22,120,000 after acquiring an additional 52,218 shares during the last quarter. Jump Financial LLC lifted its stake in shares of Dave by 124.1% in the 2nd quarter. Jump Financial LLC now owns 82,339 shares of the fintech company’s stock valued at $22,101,000 after purchasing an additional 45,603 shares during the period. Finally, Azora Capital LP bought a new position in shares of Dave in the 2nd quarter worth $19,037,000. Institutional investors and hedge funds own 18.01% of the company’s stock.

Dave Price Performance

DAVE stock opened at $196.89 on Thursday. The stock has a 50-day moving average price of $216.05 and a two-hundred day moving average price of $216.78. Dave Inc. has a 1 year low of $65.46 and a 1 year high of $286.45. The stock has a market cap of $2.66 billion, a PE ratio of 19.51 and a beta of 3.90. The company has a current ratio of 8.69, a quick ratio of 8.69 and a debt-to-equity ratio of 0.26.

Dave (NASDAQ:DAVE) last posted its quarterly earnings data on Tuesday, November 4th. The fintech company reported $4.24 earnings per share for the quarter, topping the consensus estimate of $2.29 by $1.95. The company had revenue of $150.73 million during the quarter, compared to analysts’ expectations of $153.09 million. Dave had a return on equity of 65.86% and a net margin of 29.85%. Equities analysts forecast that Dave Inc. will post 1.07 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, CEO Jason Wilk sold 81,693 shares of the firm’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 of the company’s stock, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Imran Khan sold 39,534 shares of Dave stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the completion of the sale, the director owned 79,110 shares in the company, valued at $17,651,814.30. This trade represents a 33.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 212,119 shares of company stock valued at $47,376,336 in the last quarter. 28.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DAVE shares. B. Riley reaffirmed a “buy” rating and set a $297.00 price objective (up from $277.00) on shares of Dave in a research note on Wednesday, November 5th. 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. Citizens Jmp upped their price target on Dave from $300.00 to $310.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 5th. Lake Street Capital reiterated a “buy” rating and issued a $308.00 price target on shares of Dave in a research report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. set a $300.00 price objective on shares of Dave in a report on Friday, September 26th. One equities research 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $304.25.

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.