Shares of Dave Have Surged 17% This Year. Here's Why I Don't Think the Surge Will Last

I previously wrote an article about how I thought the digital banking app Dave (NASDAQ: DAVE) received too high of a valuation when it went public through a special purpose acquisition company (SPAC). I didn't think it made sense based on the company's financials or the business model.

So, needless to say, I was a little surprised when I checked the stock recently and found that it had gotten as high as $15.35 a share and that it has jumped about 17% overall this year. Its price is much better than the lows of $4.62 per share it was trading at in mid-January. However, upon further review, I think this rise may be short-lived. Here's why.

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