Analysts Set Average Target Price of $312.13 for Dave Inc.

Dave Inc. (NASDAQ: DAVE) has received a consensus rating of “Moderate Buy” from analysts following the company. Thirteen research firms currently cover the fintech firm, with two analysts recommending a hold, ten advising a buy, and one issuing a strong buy recommendation. The average target price over the next 12 months stands at $312.13, according to MarketBeat Ratings.

Recent Research Insights

Several notable changes in ratings have emerged from various research firms. Barrington Research reaffirmed an “outperform” rating and set a price target of $290.00 on March 2, 2023. Zacks Research upgraded its position on Dave from a “hold” to a “strong buy” on February 16, 2023. Additionally, B. Riley Financial increased its target from $297.00 to $303.00 with a buy rating, while Keefe, Bruyette & Woods raised its target from $250.00 to $295.00, also designating the stock as outperform.

In contrast, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating in a report issued on March 4, 2023. These varied assessments highlight the mixed sentiments surrounding Dave’s stock performance.

Insider Activity and Institutional Involvement

In related news, Imran Khan, a director at Dave, sold 33,270 shares of the company on December 17, 2022, at an average price of $199.34, totaling approximately $6.6 million. Following this transaction, Khan retained only 2,110 shares, representing a significant reduction of 94.04% in ownership. This sale was disclosed in a filing with the Securities and Exchange Commission.

Over the past three months, insiders have sold a total of 97,771 shares, valued at around $19.2 million. Currently, insiders hold 28.48% of the company’s stock.

Institutional investors have shown increased interest in Dave. Divisadero Street Capital Management LP expanded its stake by 73.1% during the third quarter, now owning 925,266 shares valued at approximately $184.5 million. Ameriprise Financial Inc. raised its position by an impressive 819.3%, acquiring 209,008 shares valued at $41.7 million. Voya Investment Management LLC significantly boosted its stake by 5,603.0%, owning 144,285 shares valued at $28.8 million.

Market Performance and Future Outlook

As of the latest trading session, shares of Dave opened at $217.33. The company boasts a market capitalization of $2.93 billion, a price-to-earnings ratio of 16.10, and a beta of 3.86. The stock has experienced considerable volatility, with a 52-week low of $65.46 and a high of $286.45.

On March 2, 2023, Dave announced a $300 million share buyback program, allowing the company to repurchase up to 11.2% of its outstanding shares through open market transactions. Such buyback initiatives often signal that a company’s management perceives its shares as undervalued.

Founded in 2016, Dave Inc. is headquartered in Los Angeles and offers a subscription-based mobile application designed to assist consumers in managing their finances effectively. The platform aims to help users avoid overdraft fees, manage budgets, and track expenses, with features such as low-balance alerts and interest-free cash advances.

For those interested in staying updated on Dave and related financial news, MarketBeat.com offers a daily summary of the latest ratings and developments.