Dan Preston, a director at Dave Inc. (NASDAQ:DAVE), recently sold a significant portion of his holdings in the company. The sale comes as Dave's stock has shown remarkable momentum, with a 1,494% return over the past year and the company maintaining a GREAT financial health score according to InvestingPro analysis. According to a filing with the Securities and Exchange Commission, Preston sold a total of 16,635 shares of Class A Common Stock over two transactions. These sales, conducted on November 27 and November 29, were executed at a price of $96 per share, amounting to a total value of approximately $1.6 million.
Following these transactions, Preston retains ownership of 6,360 shares in the company. The sales were carried out under a pre-arranged Rule 10b5-1 trading plan, which was adopted on September 5, 2023.
In other recent news, Dave Inc. has reported a robust financial performance during Q3 of 2024, with a significant 41% year-over-year increase in revenue, reaching nearly $93 million. This growth marks the fourth consecutive quarter of revenue acceleration for the company, leading to an upward revision of its full-year 2024 revenue and adjusted EBITDA guidance. Additionally, the company saw a 23% rise in monthly transacting members and a 14% increase in average revenue per user.
In the same vein, Dave Inc. witnessed a 63% sequential increase in adjusted EBITDA. Despite a decrease in the company's cash balance, optimism about continued growth and profitability remains undiminished. Dave Inc. is planning to introduce new credit products and enhance member engagement through product innovation.
In the realm of corporate news, Kevin Frisch has been appointed as the new Chief Marketing Officer (CMO) for Dave Inc. Frisch, who brings over two decades of marketing experience, will be responsible for brand development, content, product marketing, customer acquisition, cross-sell, retention, and executing go-to-market strategies. The company is also in the process of forging a strategic partnership with a sponsor bank to improve credit and banking products. These developments are part of Dave Inc.'s strategy to bolster its market presence and expand its customer base.
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