Endava (NYSE:DAVA) Sets New 52-Week Low - Here's What Happened

Key Points

• Endava PLC has hit a new 52-week low, trading as low as $9.67, signaling potential concerns among investors regarding its future performance.
• Analysts have recently downgraded Endava's stock ratings, with TD Cowen and JPMorgan lowering price targets to $17.00, reflecting a cautious outlook.
• Institutional investors control 62.23% of Endava's stock, showing significant interest from hedge funds and asset management firms despite the current stock decline.

Endava PLC Sponsored ADR (NYSE:DAVA - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $9.72 and last traded at $9.67, with a volume of 385317 shares trading hands. The stock had previously closed at $9.93.

Wall Street Analyst Weigh In

DAVA has been the subject of a number of research analyst reports. Needham & Company LLC cut their price target on shares of Endava from $20.00 to $12.00 and set a "buy" rating for the company in a report on Friday, September 5th. Cowen reiterated a "hold" rating on shares of Endava in a report on Friday, September 5th. JPMorgan Chase & Co. cut their price target on shares of Endava from $18.00 to $17.00 and set a "neutral" rating for the company in a report on Wednesday, August 20th. Morgan Stanley cut their price target on shares of Endava from $17.00 to $11.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Endava in a research report on Thursday, July 17th. They issued a "hold" rating and a $14.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $20.78.

Endava Stock Performance

The stock has a market capitalization of $556.59 million, a price-to-earnings ratio of 20.95 and a beta of 1.13. The stock's 50 day moving average is $13.08 and its 200 day moving average is $16.23. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.31.

Institutional Trading of Endava

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DAVA. Vident Advisory LLC acquired a new stake in shares of Endava during the 2nd quarter worth about $160,000. Sompo Asset Management Co. Ltd. boosted its stake in shares of Endava by 54.2% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 20,780 shares of the company's stock worth $318,000 after purchasing an additional 7,300 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in shares of Endava during the 2nd quarter worth about $198,000. Sei Investments Co. boosted its stake in shares of Endava by 128.3% during the 2nd quarter. Sei Investments Co. now owns 269,725 shares of the company's stock worth $4,132,000 after purchasing an additional 151,600 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Endava by 14.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,048 shares of the company's stock worth $1,609,000 after purchasing an additional 13,490 shares during the last quarter. Hedge funds and other institutional investors own 62.23% of the company's stock.

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.