Dave (NASDAQ:DAVE) Raised to “Strong-Buy” at Zacks Research

Dave (NASDAQ:DAVE) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on DAVE. B. Riley Financial reiterated 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 reissued a “buy” rating on shares of Dave in a research note on Tuesday, January 13th. William Blair assumed coverage on Dave in a research note on Monday, February 9th. They set an “outperform” rating for the company. Citizens Jmp set a $310.00 price target on Dave in a research note on Wednesday, November 5th. Finally, Citigroup restated an “outperform” rating on shares of Dave in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $303.43.

Dave Stock Performance

Shares of NASDAQ DAVE opened at $176.61 on Monday. 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 market capitalization of $2.38 billion, a P/E ratio of 17.50 and a beta of 3.89. Dave has a 12 month low of $65.46 and a 12 month high of $286.45. The stock has a 50 day moving average of $198.33 and a 200-day moving average of $207.97.

Insider Buying and Selling at Dave

In related news, CEO Jason Wilk sold 7,393 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $203.77, for a total value of $1,506,471.61. Following the sale, the chief executive officer directly owned 210,461 shares in the company, valued at $42,885,637.97. This represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Imran Khan sold 3,108 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $200.75, for a total transaction of $623,931.00. The SEC filing for this sale provides additional information. In the last three months, insiders sold 105,164 shares of company stock worth $20,700,863. 28.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DAVE. Divisadero Street Capital Management LP grew its stake in Dave by 73.1% in the 3rd quarter. Divisadero Street Capital Management LP now owns 925,266 shares of the fintech company’s stock valued at $184,452,000 after purchasing an additional 390,676 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Dave by 819.3% in the third quarter. Ameriprise Financial Inc. now owns 209,008 shares of the fintech company’s stock valued at $41,666,000 after acquiring an additional 186,273 shares during the period. Voya Investment Management LLC boosted its holdings in Dave by 5,603.0% in the 3rd quarter. Voya Investment Management LLC now owns 144,285 shares of the fintech company’s stock valued at $28,763,000 after purchasing an additional 141,755 shares during the period. Neuberger Berman Group LLC purchased a new position in shares of Dave during the 3rd quarter valued at $26,726,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Dave in the fourth quarter worth $27,874,000. 18.01% of the stock is owned by institutional investors.

About Dave

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave’s offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.