B. Riley Securities Initiates Coverage of Dave (DAVE) with Buy Recommendation
Fintel reports that on June 7, 2024, B. Riley Securities initiated coverage of Dave (NasdaqGM:DAVE) with a Buy recommendation.
Analyst Price Forecast Suggests 94.55% Upside
As of June 2, 2024, the average one-year price target for Dave is 71.40. The forecasts range from a low of 65.65 to a high of $78.75. The average price target represents an increase of 94.55% from its latest reported closing price of 36.70.
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The projected annual revenue for Dave is 331MM, an increase of 20.92%. The projected annual non-GAAP EPS is -0.18.
What is the Fund Sentiment?
There are 74 funds or institutions reporting positions in Dave. This is an increase of 36 owner(s) or 94.74% in the last quarter. Average portfolio weight of all funds dedicated to DAVE is 0.35%, an increase of 93.14%. Total shares owned by institutions increased in the last three months by 47.77% to 2,502K shares. 
The put/call ratio of DAVE is 0.13, indicating a bullish outlook.
What are Other Shareholders Doing?
NVP Associates holds 583K shares representing 4.72% ownership of the company. No change in the last quarter.
Whetstone Capital Advisors holds 401K shares representing 3.25% ownership of the company. In its prior filing, the firm reported owning 501K shares , representing a decrease of 25.06%. The firm increased its portfolio allocation in DAVE by 208.27% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 214K shares representing 1.74% ownership of the company. In its prior filing, the firm reported owning 214K shares , representing an increase of 0.14%. The firm increased its portfolio allocation in DAVE by 304.40% over the last quarter.
Invesco holds 199K shares representing 1.61% ownership of the company.
Goldman Sachs Group holds 113K shares representing 0.92% ownership of the company. In its prior filing, the firm reported owning 0K shares , representing an increase of 100.00%.
Dave Background Information
(This description is provided by the company.)
Dave is a banking app on a mission to build products that level the financial playing field. Dave helps its more than 11 million customers budget, avoid overdraft fees, find work and build credit.
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This story originally appeared on Fintel.