What Happened?
Shares of digital banking platform Dave (NASDAQ:DAVE) jumped 3.1% in the afternoon session after investors looked ahead to its upcoming third-quarter earnings report, which was expected to show significant growth. The company was scheduled to release its results on November 4. Analyst forecasts pointed to a substantial year-over-year increase in both earnings and revenue. Projections, based on data from multiple analysts, suggested earnings per share could see a notable rise, while revenue was anticipated to climb by more than 43% to approximately $132.8 million from $92.5 million in the same period the previous year. The positive market activity seemed to be driven by these strong expectations for the company's financial performance.
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What Is The Market Telling Us
Dave’s shares are extremely volatile and have had 73 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 7 days ago when the stock gained 5.7% on the news that a cooler-than-expected inflation report boosted investor confidence and fueled expectations for a Federal Reserve interest rate cut. The positive inflation data, showing the softest increase in the core Consumer Price Index (CPI) since May, has led investors to believe the Federal Reserve will soon lower borrowing costs. Markets widely anticipating a 25 basis point rate cut at the next Fed meeting. This optimism was further supported by strong economic growth indicators, with both the services and manufacturing sectors showing accelerated activity according to the S&P Global Flash Purchasing Managers' Index (PMI) data. The combination of easing price pressures and a thriving economy overshadowed concerns about an ongoing government shutdown, sending major indices like the S&P 500 to new record highs.
Dave is up 177% since the beginning of the year, but at $238.60 per share, it is still trading 15.3% below its 52-week high of $281.79 from July 2025. Investors who bought $1,000 worth of Dave’s shares at the IPO in April 2021 would now be looking at an investment worth $761.03.
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