DAVE Surges on Unaudited Earnings, But Volume Fails to Confirm

Dave (Nasdaq: DAVE) stock news is making waves as of February 6, 2026, with the stock surging nearly 18% in pre-market trading following the release of initial fourth-quarter and full-year 2025 financial results. The move has caught investors’ attention, especially given the broader market context, where the Nasdaq 100 and S&P 500 futures are both showing modest gains. But how much of this is driven by fundamentals, and how much is liquidity-driven noise?

The initial catalyst appears to be earnings-related. Dave Inc. announced preliminary figures showing revenue and adjusted EBITDA that exceeded guidance, with notable improvements in its 28-day delinquency rate. While these are positive signs, it’s worth noting that the results are still unaudited. That said, the market is reacting strongly to the news — but as with many early morning moves, confirmation is still pending.

Why is DAVE stock dropping today? In fact, the stock is not dropping — it’s surging. That said, the volume doesn’t support a strong conviction move. Current volume stands at around 227,000 shares, which is below the 60-day average and even lower than the 20-day average. This weak volume suggests the move may be driven by thin order flow, such as a few large institutional orders or a short-term liquidity imbalance.

Still, the price action does align with a short-term earnings-based catalyst. The key question is whether the move will be sustained or if it will face immediate resistance. For now, the stock is hovering just above 184.00, which is a critical level — both as a recent support and resistance point.

What are the key technical levels to watch in Dave stock?

DAVE support and resistance levels are tightly clustered around 184.00. This level appears repeatedly in the technical analysis — it’s the nearest support, the nearest resistance, and even the main invalidation point for the current scenarios. Given the stock’s current position, it’s likely that traders will use this level as a barometer for the move’s sustainability.

The stock is currently trading in a downtrend, with the 20-day and 50-day moving averages at 191.64 and 203.15, respectively. These are well above current levels, reinforcing the bearish tilt in the broader technical setup. The RSI at 35 suggests the stock is not in overbought territory, which means there's room for further gains — at least for now.

Put differently, the 184.00 level acts as a psychological fulcrum. If the stock can hold above this level with decent volume, it could gain more momentum. If it breaks below, it may signal a breakdown in the early buying conviction, leading to a retest of previous lows.

What scenarios could play out after the DAVE pre-market move?

The most probable scenario, given the weak volume and mixed technical setup, is a failure or false break scenario. That means the move could reverse quickly if the stock retests the 184.00 level without strong volume support. In this case, the stock may fall back to the 172.82 level, which is approximately one ATR below the current price.

By contrast, a strong continuation would require the stock to break above 184.00 with a meaningful increase in volume. If that happens, it could set up for a move toward 193.14 or even 201.04 over the next few trading days. However, given the current setup, this scenario is less likely.

Still, investors should keep an eye on volume and price alignment. The stock is currently in a range-continuation phase, and the structure is pending confirmation. If the stock can maintain a firm stance above 184.00, it could shift toward a trend-following setup. But without confirmation, it’s more likely to return to consolidation or even a downward correction.

At the end of the day, the key takeaway is that while DAVE’s pre-market surge is promising, it remains fragile. The next few hours and sessions will be crucial in determining whether this move is a genuine breakout or just a short-lived blip. Investors should monitor the 184.00 level closely and watch for volume to confirm the direction.