Endava (NYSE:DAVA) Reaches New 1-Year Low - Here's What Happened

Key Points

• Endava PLC's stock hit a new 52-week low, trading as low as $9.34, raising concerns among investors.
• Analysts have provided mixed ratings for Endava's stock, with a majority issuing a "Hold" rating and target prices ranging from $11.00 to $20.78.
• Institutional investors currently hold over 62% of Endava's stock, indicating a significant level of institutional interest in the company.

Shares of Endava PLC Sponsored ADR (NYSE:DAVA - Get Free Report) reached a new 52-week low during trading on Thursday . The company traded as low as $9.34 and last traded at $9.44, with a volume of 614923 shares traded. The stock had previously closed at $9.55.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Cowen reiterated a "hold" rating on shares of Endava in a research note on Friday, September 5th. JPMorgan Chase & Co. lowered their target price on shares of Endava from $18.00 to $17.00 and set a "neutral" rating for the company in a research note on Wednesday, August 20th. Needham & Company LLC lowered their target price on shares of Endava from $20.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, September 5th. Guggenheim lowered their target price on shares of Endava from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, September 5th. Finally, Wall Street Zen cut shares of Endava from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, Endava has a consensus rating of "Hold" and an average target price of $20.78.

Endava Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.32 and a current ratio of 2.32. The firm's 50 day simple moving average is $12.48 and its 200 day simple moving average is $15.65. The firm has a market capitalization of $541.01 million, a price-to-earnings ratio of 12.64 and a beta of 1.13.

Hedge Funds Weigh In On Endava

Several institutional investors have recently made changes to their positions in DAVA. Millennium Management LLC increased its holdings in shares of Endava by 44.5% during the 4th quarter. Millennium Management LLC now owns 24,550 shares of the company's stock valued at $759,000 after purchasing an additional 7,565 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of Endava by 165.0% during the 4th quarter. Two Sigma Investments LP now owns 59,089 shares of the company's stock valued at $1,826,000 after purchasing an additional 36,789 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Endava during the 4th quarter valued at approximately $1,147,000. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Endava by 22.8% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,533,111 shares of the company's stock valued at $140,073,000 after purchasing an additional 842,433 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its holdings in shares of Endava by 20.2% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 411,139 shares of the company's stock valued at $12,704,000 after purchasing an additional 69,135 shares in the last quarter. 62.23% of the stock is owned by hedge funds and other institutional investors.

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.