Dave (NASDAQ:DAVE) Rating Increased to Strong-Buy at Zacks Research

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

Other research analysts have also issued reports about the company. Citigroup reaffirmed an “outperform” rating on shares of Dave in a report on Wednesday, November 5th. Keefe, Bruyette & Woods started coverage on shares of Dave in a research report on Monday, February 9th. They issued an “outperform” rating for the company. Lake Street Capital reaffirmed a “buy” rating on shares of Dave in a research report on Wednesday, December 24th. William Blair began coverage on shares of Dave in a research note on Monday, February 9th. They issued an “outperform” rating for the company. Finally, Benchmark restated a “buy” rating on shares of Dave in a research report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Dave has an average rating of “Moderate Buy” and a consensus price target of $303.43.

Dave Stock Performance

Shares of Dave stock opened at $176.61 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 17.50 and a beta of 3.89. Dave has a one year low of $65.46 and a one year high of $286.45. The stock’s 50-day moving average is $198.33 and its 200-day moving average is $207.97.

Insider Activity

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

Institutional Inflows and Outflows

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