Dave (NASDAQ:DAVE) Trading 11% Higher – Here’s What Happened

Dave Inc. (NASDAQ:DAVE)’s share price was up 11% during trading on Thursday . The company traded as high as $190.71 and last traded at $191.34. Approximately 585,375 shares were traded during trading, an increase of 16% from the average daily volume of 506,000 shares. The stock had previously closed at $172.41.

Analysts Set New Price Targets

Several analysts have recently weighed in on DAVE shares. Canaccord Genuity Group boosted their price target on Dave from $229.00 to $274.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Weiss Ratings cut Dave from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 26th. Barrington Research reissued an “outperform” rating and set a $290.00 price objective on shares of Dave in a research report on Monday, November 3rd. Citigroup reiterated an “outperform” rating on shares of Dave in a research note on Wednesday, November 5th. Finally, Lake Street Capital reaffirmed a “buy” rating on shares of Dave in a report on Wednesday, December 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Dave presently has an average rating of “Moderate Buy” and an average target price of $303.43.

Dave Trading Up 11.6%

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 company has a market capitalization of $2.60 billion, a PE ratio of 19.06 and a beta of 3.89. The firm’s 50 day moving average is $195.46 and its 200 day moving average is $206.43.

Insider Buying and Selling

In related news, Director Imran Khan sold 33,270 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $199.34, for a total value of $6,632,041.80. Following the transaction, the director owned 2,110 shares in the company, valued at $420,607.40. The trade was a 94.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jason Wilk sold 7,393 shares of Dave stock in a transaction 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 completion of the sale, the chief executive officer directly owned 210,461 shares of the company’s stock, valued at approximately $42,885,637.97. The trade was a 3.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 105,164 shares of company stock valued at $20,700,863. 28.48% of the stock is owned by corporate insiders.

Institutional Trading of Dave

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Divisadero Street Capital Management LP raised its position 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 valued at $184,452,000 after purchasing an additional 390,676 shares during the period. Vanguard Group Inc. lifted its position in shares of Dave by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 685,839 shares of the fintech company’s stock valued at $151,852,000 after buying an additional 30,546 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Dave by 29.2% in the fourth quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company’s stock valued at $110,506,000 after acquiring an additional 112,700 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Dave by 31.1% in the 4th quarter. Geode Capital Management LLC now owns 318,295 shares of the fintech company’s stock worth $70,483,000 after purchasing an additional 75,576 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Dave by 10.6% during the fourth quarter. State Street Corp now owns 233,163 shares of the fintech company’s stock worth $51,625,000 after acquiring an additional 22,274 shares during the last quarter. 18.01% of the stock is currently 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.