Endava plc (NYSE:DAVA) Sees Significant Growth in Short Interest

Endava plc (NYSE:DAVA) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 687,100 shares, a growth of 25.7% from the May 31st total of 546,500 shares. Based on an average trading volume of 648,000 shares, the days-to-cover ratio is presently 1.1 days.

Endava Price Performance

Shares of Endava stock opened at $29.11 on Tuesday. Endava has a 1 year low of $24.51 and a 1 year high of $81.06. The firm has a market cap of $1.68 billion, a PE ratio of 32.34 and a beta of 1.22. The company has a 50 day simple moving average of $28.64 and a two-hundred day simple moving average of $47.28.

Endava (NYSE:DAVA) last posted its quarterly earnings data on Thursday, May 23rd. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.10). Endava had a net margin of 5.69% and a return on equity of 7.13%. The company had revenue of $221.14 million for the quarter, compared to analysts’ expectations of $220.59 million. As a group, research analysts anticipate that Endava will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Endava

Several hedge funds have recently added to or reduced their stakes in DAVA. Assetmark Inc. lifted its position in Endava by 47.8% in the 4th quarter. Assetmark Inc. now owns 510 shares of the company’s stock worth $40,000 after buying an additional 165 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Endava in the 1st quarter valued at $49,000. Financial Management Professionals Inc. bought a new position in shares of Endava during the 4th quarter valued at $81,000. Principal Securities Inc. purchased a new position in Endava in the 4th quarter worth $99,000. Finally, Quadrant Capital Group LLC lifted its stake in Endava by 34.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,424 shares of the company’s stock worth $111,000 after purchasing an additional 368 shares during the last quarter. Institutional investors own 62.23% of the company’s stock.

Analysts Set New Price Targets

DAVA has been the subject of a number of analyst reports. Citigroup cut their price target on Endava from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, April 22nd. HSBC upgraded Endava from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price target on shares of Endava from $43.00 to $41.00 and set an “overweight” rating on the stock in a report on Friday, May 24th. Wedbush reduced their price objective on shares of Endava from $65.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. Finally, Guggenheim lowered their target price on shares of Endava from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.41.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.