Dave (NASDAQ:DAVE) Trading Down 12.7% – Here’s What Happened

Dave Inc (NASDAQ:DAVE)’s share price was down 12.7% on Friday . The company traded as low as $207.26 and last traded at $207.93. Approximately 295,849 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 431,936 shares. The stock had previously closed at $238.25.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DAVE shares. B. Riley boosted their price objective on shares of Dave from $206.00 to $239.00 and gave the stock a “buy” rating in a research note on Tuesday, May 27th. Benchmark cut shares of Dave from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity Group upped their target price on shares of Dave from $130.00 to $179.00 and gave the company a “buy” rating in a research note on Friday, May 9th. BMO Capital Markets reiterated an “outperform” rating on shares of Dave in a research note on Tuesday. Finally, Barrington Research reiterated an “outperform” rating and set a $250.00 target price on shares of Dave in a research note on Thursday. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Dave presently has a consensus rating of “Moderate Buy” and an average price target of $212.33.

Dave Trading Down 12.6%

The company has a market cap of $2.78 billion, a price-to-earnings ratio of 66.53 and a beta of 3.93. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.81 and a current ratio of 6.81. The business’s 50 day moving average price is $149.33 and its 200-day moving average price is $111.91.

Dave (NASDAQ:DAVE) last announced its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $1.15. Dave had a net margin of 12.92% and a return on equity of 17.16%. On average, research analysts forecast that Dave Inc will post 1.07 EPS for the current year.

Dave declared that its Board of Directors has initiated a share repurchase plan on Monday, March 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the fintech company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Director Yadin Rozov sold 5,500 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total value of $1,138,170.00. Following the completion of the transaction, the director now owns 95,678 shares in the company, valued at approximately $19,799,605.32. This represents a 5.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new position in Dave Inc (NASDAQ:DAVE) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 42,179 shares of the fintech company’s stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned about 0.33% of Dave as of its most recent filing with the Securities and Exchange Commission. 18.01% of the stock is currently owned by institutional investors.

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.