Dave (NASDAQ:DAVE) Stock Price Up 9.1% – Still a Buy?

Dave Inc. (NASDAQ:DAVE) shares were up 9.1% during mid-day trading on Tuesday . The stock traded as high as $213.76 and last traded at $212.9260. Approximately 679,481 shares traded hands during trading, an increase of 19% from the average daily volume of 570,212 shares. The stock had previously closed at $195.13.

Analyst Ratings Changes

A number of research firms have recently commented on DAVE. William Blair reissued an “accumulate” rating on shares of Dave in a research report on Friday, March 13th. Wall Street Zen cut shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Canaccord Genuity Group boosted their target price on shares of Dave from $274.00 to $328.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Weiss Ratings cut shares of Dave from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 26th. Finally, UBS Group reissued a “neutral” rating on shares of Dave in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $315.25.

Dave Stock Performance

The company has a market cap of $2.88 billion, a price-to-earnings ratio of 15.74 and a beta of 3.81. The company’s 50 day moving average price is $188.74 and its 200 day moving average price is $203.31.

Dave announced that its Board of Directors has approved a share repurchase plan on Monday, March 2nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the fintech company to purchase up to 11.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Dave

Several hedge funds have recently added to or reduced their stakes in DAVE. JPMorgan Chase & Co. grew its position in Dave by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company’s stock valued at $2,412,000 after acquiring an additional 65 shares during the last quarter. Prudential Financial Inc. bought a new position in Dave in the second quarter valued at about $324,000. Invesco Ltd. grew its position in Dave by 2,379.9% in the second quarter. Invesco Ltd. now owns 97,485 shares of the fintech company’s stock valued at $26,166,000 after acquiring an additional 93,554 shares during the last quarter. First Trust Advisors LP bought a new position in Dave in the second quarter valued at about $18,710,000. Finally, Cresset Asset Management LLC bought a new position in Dave in the second quarter valued at about $402,000. Institutional investors and hedge funds own 18.01% of the company’s stock.

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.