Endava (NYSE:DAVA) Reaches New 12-Month Low - What's Next?

Key Points

• Endava PLC shares hit a new 12-month low at $11.69, with trading volume of 908,497 shares on Wednesday.
• Despite the recent decline, several brokerages maintain an optimistic outlook with price targets ranging from $18.00 to $25.00, while the consensus target price is $25.22.
• Institutional investors hold 62.23% of Endava's shares, indicating significant interest from large investment firms.

Shares of Endava PLC Sponsored ADR (NYSE:DAVA - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $11.69 and last traded at $11.74, with a volume of 908497 shares changing hands. The stock had previously closed at $12.18.

Wall Street Analyst Weigh In

DAVA has been the subject of a number of recent analyst reports. TD Cowen downgraded Endava from a "buy" rating to a "hold" rating and set a $17.00 price target for the company. in a report on Thursday, May 15th. Needham & Company LLC upped their target price on Endava from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Susquehanna lowered their target price on Endava from $50.00 to $42.00 and set a "positive" rating for the company in a report on Tuesday, May 20th. Wall Street Zen upgraded Endava from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $18.00 price objective on shares of Endava in a research report on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $25.22.

Endava Price Performance

The business has a 50-day moving average price of $14.51 and a two-hundred day moving average price of $19.66. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $736.10 million, a price-to-earnings ratio of 32.82 and a beta of 1.12.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Alberta Investment Management Corp raised its position in Endava by 35.6% in the 2nd quarter. Alberta Investment Management Corp now owns 1,288,334 shares of the company's stock valued at $19,737,000 after buying an additional 338,334 shares during the last quarter. Geode Capital Management LLC bought a new stake in shares of Endava in the 2nd quarter worth $205,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Endava by 17.3% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 454,536 shares of the company's stock worth $6,963,000 after acquiring an additional 66,979 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in shares of Endava by 107.8% in the second quarter. Prescott Group Capital Management L.L.C. now owns 607,139 shares of the company's stock valued at $9,301,000 after purchasing an additional 315,000 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Endava by 27.3% during the second quarter. Acadian Asset Management LLC now owns 197,025 shares of the company's stock valued at $3,010,000 after purchasing an additional 42,306 shares in the last quarter. 62.23% of the stock is currently owned by institutional investors and hedge funds.

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.