Dan Preston, a director at Dave Inc. (NASDAQ:DAVE), a financial services company, has recently sold a significant portion of his holdings in the company. According to the latest filings, Preston sold shares of Dave Inc. in two separate transactions, both on June 6, 2024, totaling over $595,000.
The first sale involved 2,706 shares at an average price of $38.86, with individual transactions ranging from $38.64 to $39.405. In the second transaction, Preston sold 12,064 shares at an average price of $40.64, with prices varying from $40.32 to $40.93 per share. These sales were conducted under a Rule 10b5-1 trading plan, which was adopted by Preston on September 5, 2023.
After these sales, Preston continues to hold 22,995 shares of Dave Inc., indicating a continued investment in the company’s future. The transactions were disclosed in a Form 4 document filed with the Securities and Exchange Commission.
Investors often monitor insider buying and selling as it can provide insights into an insider’s view of the company’s future prospects. However, it’s important to note that there can be many reasons for an insider to sell shares, and it does not necessarily indicate a lack of confidence in the company.
Dave Inc. has not released any public statement regarding these transactions at the time of this report. Shareholders and potential investors in Dave Inc. can request more detailed information about the sales from the company if needed.
In other recent news, Dave Inc. has reported a robust financial performance in the first quarter of 2024, with a 25% year-over-year increase in revenue. The company’s GAAP net income stood at $34.2 million, a substantial rise from the net loss experienced in the same quarter of the previous year. These improvements have been attributed to the strategic use of AI, specifically the CashAI underwriting engine and DaveGPT chatbot.
The company anticipates full-year revenue for 2024 to range between $305 million and $325 million, with adjusted EBITDA projected between $30 million and $40 million. Dave Inc.’s Q1 2024 revenue reached $73.6 million, while its adjusted EBITDA for Q1 hit $13.2 million.
Notably, the company’s balance sheet showed a decrease in cash due to the repurchase of a convertible note. However, Dave Inc. also reported a 47% increase in non-GAAP variable profit, reaching $49.9 million with a 68% margin. Furthermore, the company’s focus on AI has driven member acquisition and engagement, contributing to its strong start to 2024.
