Rokos Capital Management LLP Takes $18.05 Million Position in Dave Inc. $DAVE

Rokos Capital Management LLP acquired a new position in Dave Inc. (NASDAQ:DAVE) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 67,278 shares of the fintech company’s stock, valued at approximately $18,054,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its stake in Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after purchasing an additional 148 shares during the last quarter. KBC Group NV bought a new position in shares of Dave during the second quarter valued at $85,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Dave during the second quarter valued at $141,000. Kingswood Wealth Advisors LLC bought a new stake in Dave in the 2nd quarter worth about $208,000. Finally, Cornerstone Investment Partners LLC purchased a new position in Dave in the 2nd quarter worth about $213,000. 18.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Dave news, CEO Jason Wilk sold 81,693 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the completion of the sale, the chief executive officer owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. The trade was a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Yadin Rozov sold 4,726 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $228.06, for a total value of $1,077,811.56. Following the completion of the sale, the director owned 75,197 shares of the company’s stock, valued at approximately $17,149,427.82. The trade was a 5.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 212,119 shares of company stock valued at $47,376,336. 28.48% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DAVE. B. Riley reaffirmed a “buy” rating and set a $297.00 price target (up previously from $277.00) on shares of Dave in a report on Wednesday, November 5th. Lake Street Capital restated a “buy” rating and issued a $308.00 target price on shares of Dave in a report on Wednesday, November 5th. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 target price on shares of Dave in a research report on Monday, November 3rd. Wall Street Zen raised Dave from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Canaccord Genuity Group lifted their price objective on Dave from $229.00 to $274.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. One investment 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, the company has a consensus rating of “Moderate Buy” and an average price target of $304.25.

Dave Stock Up 1.1%

Shares of DAVE stock opened at $196.89 on Thursday. Dave Inc. has a 12 month low of $65.46 and a 12 month high of $286.45. The stock has a market cap of $2.66 billion, a P/E 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. The company has a 50 day simple moving average of $216.05 and a two-hundred day simple moving average of $216.78.

Dave (NASDAQ:DAVE) last issued its quarterly earnings results 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. Dave had a net margin of 29.85% and a return on equity of 65.86%. The business had revenue of $150.73 million for the quarter, compared to analysts’ expectations of $153.09 million. On average, research analysts expect that Dave Inc. will post 1.07 earnings per share for the current year.

Dave announced that its board has initiated a stock buyback program on Wednesday, August 13th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the fintech company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

About Dave

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.