Endava (NYSE:DAVA) Trading Down 3.6% – Should You Sell?

Endava plc (NYSE:DAVA)’s stock price dropped 3.6% during trading on Wednesday . The stock traded as low as $23.60 and last traded at $23.61. Approximately 171,455 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 533,605 shares. The stock had previously closed at $24.50.

Analyst Ratings Changes

DAVA has been the topic of several research reports. Needham & Company LLC cut their price objective on Endava from $42.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Susquehanna dropped their target price on Endava from $66.00 to $55.00 and set a “positive” rating on the stock in a research report on Friday, September 20th. Guggenheim dropped their target price on Endava from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their target price on Endava from $41.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.31.

Endava Stock Performance

The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $29.23 and a 200 day simple moving average of $29.90. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 26.78 and a beta of 1.21.

Hedge Funds Weigh In On Endava

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Headlands Technologies LLC acquired a new stake in Endava in the 1st quarter valued at approximately $49,000. Wallace Advisory Group LLC acquired a new position in shares of Endava during the first quarter valued at $126,000. PNC Financial Services Group Inc. increased its holdings in shares of Endava by 18.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,316 shares of the company’s stock valued at $414,000 after purchasing an additional 833 shares during the period. Precision Wealth Strategies LLC bought a new stake in shares of Endava during the first quarter valued at about $234,000. Finally, Seven Eight Capital LP acquired a new stake in Endava in the second quarter worth about $216,000. 62.23% of the stock is currently owned by institutional investors and hedge funds.

About Endava

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.