What Happened?
Shares of digital banking platform Dave (NASDAQ: DAVE) rose in the morning session after the company reported strong third-quarter 2025 financial results that surpassed expectations and provided an upbeat full-year outlook. Dave announced revenue of $150.8 million, a 63% increase from the same period in the previous year, which surpassed analysts' forecasts by 13%. The company's non-GAAP earnings of $4.24 per share were 81% above consensus estimates. Following the strong quarter, Dave provided an upbeat full-year revenue forecast, with the midpoint of its guidance coming in 6.5% above analysts' projections.
After the initial pop the shares cooled down to $241.30, up 0.6% from previous close.
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What Is The Market Telling Us
Dave’s shares are extremely volatile and have had 74 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 4 days ago when the stock gained 3.1% on the news that 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.
Dave is up 180% since the beginning of the year, but at $241.30 per share, it is still trading 14.4% 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 $769.44.
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