Azora Capital LP Buys Shares of 70,924 Dave Inc. $DAVE

Azora Capital LP purchased a new stake in Dave Inc. (NASDAQ:DAVE) during the 2nd quarter, Holdings Channel reports. The firm purchased 70,924 shares of the fintech company’s stock, valued at approximately $19,037,000.

A number of other hedge funds also recently made changes to their positions in the business. Invesco Ltd. boosted its position in shares of Dave by 2,379.9% during the second quarter. Invesco Ltd. now owns 97,485 shares of the fintech company’s stock worth $26,166,000 after buying an additional 93,554 shares during the period. First Trust Advisors LP acquired a new stake in Dave in the 2nd quarter valued at approximately $18,710,000. Qube Research & Technologies Ltd raised its stake in 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 in the last quarter. Jump Financial LLC boosted its position in Dave by 124.1% during the 2nd quarter. Jump Financial LLC now owns 82,339 shares of the fintech company’s stock worth $22,101,000 after acquiring an additional 45,603 shares during the period. Finally, Great Lakes Advisors LLC acquired a new position in Dave during the 1st quarter worth $3,487,000. Institutional investors own 18.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DAVE. Citigroup reissued an “outperform” rating on shares of Dave in a report on Wednesday, November 5th. Benchmark raised their target price on shares of Dave from $320.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Barrington Research restated an “outperform” rating and set a $290.00 price target on shares of Dave in a research report on Monday, November 3rd. Lake Street Capital reiterated a “buy” rating and issued a $308.00 price objective on shares of Dave in a report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Dave from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $304.25.

Insiders Place Their Bets

In related news, Director Yadin Rozov sold 4,726 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were 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 in the company, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at $50,167,419.12. This represents a 27.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 212,119 shares of company stock worth $47,376,336 over the last ninety days. 28.48% of the stock is currently owned by company insiders.

Dave Stock Performance

DAVE opened at $194.69 on Wednesday. The business has a fifty day simple moving average of $216.06 and a 200-day simple moving average of $216.92. The firm has a market cap of $2.63 billion, a PE ratio of 19.30 and a beta of 3.90. The company has a quick ratio of 8.69, a current ratio of 8.69 and a debt-to-equity ratio of 0.26. Dave Inc. has a fifty-two week low of $65.46 and a fifty-two week high of $286.45.

Dave (NASDAQ:DAVE) last released its quarterly earnings results on Tuesday, November 4th. The fintech company reported $4.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $1.95. The business had revenue of $150.73 million during the quarter, compared to analyst estimates of $153.09 million. Dave had a return on equity of 65.86% and a net margin of 29.85%. As a group, equities analysts predict that Dave Inc. will post 1.07 EPS for the current fiscal year.

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

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.