Endava (NYSE:DAVA) Trading 6.9% Higher - Here's Why

Key Points

• Endava PLC shares increased by 6.9% recently, trading up to $13.77, although the trading volume was significantly lower than average.
• Analyst ratings show a consensus of "Hold" with target prices ranging from $14.00 to $25.22, reflecting mixed outlooks among different brokerages.
• Institutional investors own 62.23% of Endava shares, with notable increases in holdings by several investment firms in recent quarters.

Endava PLC Sponsored ADR (NYSE:DAVA - Get Free Report) shares rose 6.9% during trading on Wednesday . The company traded as high as $13.71 and last traded at $13.77. Approximately 247,180 shares changed hands during trading, a decline of 63% from the average daily volume of 672,350 shares. The stock had previously closed at $12.89.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Susquehanna lowered their price target on Endava from $50.00 to $42.00 and set a "positive" rating on the stock in a research report on Tuesday, May 20th. Wall Street Zen lowered shares of Endava from a "buy" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC raised their price objective on shares of Endava from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. TD Cowen lowered Endava from a "buy" rating to a "hold" rating and set a $17.00 price target on the stock. in a research report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Endava in a research note on Thursday, July 17th. They issued a "hold" rating and a $14.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $25.22.

Endava Stock Performance

The company has a market capitalization of $754.40 million, a price-to-earnings ratio of 33.63 and a beta of 1.12. The stock has a 50 day moving average of $14.15 and a 200 day moving average of $18.67. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

Hedge Funds Weigh In On Endava

A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in Endava in the first quarter valued at approximately $25,000. GAMMA Investing LLC lifted its holdings in Endava by 81.0% during the second quarter. GAMMA Investing LLC now owns 1,683 shares of the company's stock valued at $26,000 after purchasing an additional 753 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Endava by 733.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,909 shares of the company's stock worth $29,000 after purchasing an additional 1,680 shares during the period. State of Wyoming increased its stake in shares of Endava by 112.7% in the first quarter. State of Wyoming now owns 2,367 shares of the company's stock worth $46,000 after purchasing an additional 1,254 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Endava by 23.5% in the first quarter. Smartleaf Asset Management LLC now owns 3,620 shares of the company's stock valued at $72,000 after purchasing an additional 689 shares during the period. 62.23% of the stock is currently owned by 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.