Dave Inc. (DAVE) shares are soaring 5.07% in pre-market trading on Wednesday following the company's announcement of an expanded share repurchase authorization. The financial technology company has increased its buyback program from $50 million to $125 million, signaling strong confidence in its business outlook and commitment to delivering shareholder value.

The expanded authorization comes on the heels of significant buyback activity by Dave. Since reporting its second-quarter earnings on August 6th, the company has deployed approximately $25 million to repurchase its common stock. Year-to-date, Dave has invested more than $45 million in share repurchases and RSU net settlements, executed at what the company describes as "accretive levels" to reduce its share count.

Kyle Beilman, COO and CFO of Dave, expressed optimism about the company's future, stating, "Our recent share purchases and increased repurchase authorization reflect the confidence we have in our positive outlook and the proven durability of our business model." The market's positive reaction to this news is further bolstered by Lake Street analyst Jacob Stephan's reiteration of a Buy rating on Dave, with a price target of $263.00. These developments underscore the company's strong financial position and growth prospects, which appear to be driving investor enthusiasm in early trading.