Benchmark Co. Reiterated a Buy Rating on Dave Inc (DAVE)

Dave Inc. (NASDAQ:DAVE) is one of the Best Performing Tech Stocks According to Hedge Funds. On July 14, Mark Palmer of Benchmark Co. reiterated a Buy rating on Dave Inc. (NASDAQ:DAVE) with a price target of $320.

The company’s stock price dropped by 20.60% over the past month after JPMorgan Chase said it would charge data aggregators like Plaid for bank data access. Palmer believes that this drop was an overreaction as these changes will not impact the company’s profit margins even if Plaid passes the cost to Dave Inc. (NASDAQ:DAVE).

Palmer also highlighted that the company has changed its method of making money from ExtraCash advances and has moved to a mandatory fee. This move has increased the average revenue per user, and despite the increased fee, the demand has stayed strong. The analyst finds the current stock price attractively valued as the company is cheaper than other fintech names in the market.

Dave Inc. (NASDAQ:DAVE) is a fintech company that offers mobile-first banking services designed to help underserved consumers manage their money.

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Disclosure: None. This article is originally published at Insider Monkey.