Bleecker Street Research Short on Dave Inc. ($DAVE) Valued at $0 to $10 Amid 80% Revenue Regulatory Concerns

Bleecker Street Research has initiated a short position on Dave Inc. ($DAVE), citing significant concerns regarding the company's business model and regulatory challenges. The firm claims that 80% of Dave's revenue is under scrutiny from the Consumer Financial Protection Bureau (CFPB) and that the company relies heavily on a single banking partner, which is currently facing serious regulatory issues. Bleecker Street estimates the valuation of $DAVE to be between $0 and $10 per share. Other analysts have echoed similar sentiments, labeling Dave as an exploitative payday lender masquerading as a fintech innovation. They believe that impending regulations and the instability of its banking partner could jeopardize its primary product offerings. This marks the second report on $DAVE released today, indicating growing scrutiny of the company in the financial markets.