B. Riley sees buying opportunity in Dave on partner data breach

B. Riley says Dave (DAVE) shares sold off yesterday on concerns over a consumer data breach at its fintech banking partner, Evolve Bank & Trust. Evolve is the open-banking provider to many fintechs, the analyst tells investors in a research note. The firm says DAVE is taking the brunt of the negative reaction compared to other publicly traded partners of Evolve, which “presents a solid buying opportunity on the drawdown.” MoneyLion (ML) shares were also down in sympathy, but the bank’s partner is Pathward, not Evolve Bank & Trust, according to B. Riley. The firm sees the weakness in MoneyLion as an opportunity to add to positions as well. On Dave, Riley believes customers do not see a significant connection between the company and Evolve, nor are they seeing any disruptions to the services they provide.