Endava plc (NYSE:DAVA) Sees Significant Increase in Short Interest

Endava plc (NYSE:DAVA - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 688,400 shares, an increase of 56.6% from the March 15th total of 439,600 shares. Based on an average trading volume of 577,400 shares, the days-to-cover ratio is presently 1.2 days.

Analysts Set New Price Targets

DAVA has been the subject of a number of research reports. Guggenheim initiated coverage on Endava in a research report on Tuesday, March 19th. They set a "buy" rating and a $60.00 price objective for the company. JPMorgan Chase & Co. upgraded Endava from a "neutral" rating to an "overweight" rating and set a $49.00 price objective for the company in a research report on Tuesday, March 19th. Morgan Stanley cut Endava from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $68.00 to $80.00 in a research report on Wednesday, January 24th. TD Cowen cut their price target on Endava from $85.00 to $52.00 and set an "outperform" rating for the company in a report on Friday, March 1st. Finally, HSBC lowered Endava from a "buy" rating to a "hold" rating and boosted their price target for the company from $68.00 to $80.00 in a report on Monday, January 8th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

Endava Price Performance

Shares of NYSE DAVA traded down $0.81 during mid-day trading on Friday, reaching $30.59. The company's stock had a trading volume of 730,388 shares, compared to its average volume of 570,191. The firm has a market capitalization of $1.77 billion, a PE ratio of 21.10 and a beta of 1.10. The stock has a fifty day moving average of $47.58 and a two-hundred day moving average of $59.31. Endava has a 52 week low of $30.55 and a 52 week high of $81.06.

Endava (NYSE:DAVA - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01). The business had revenue of $227.96 million during the quarter, compared to the consensus estimate of $231.07 million. Endava had a return on equity of 11.77% and a net margin of 8.88%. Analysts anticipate that Endava will post 0.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Endava

A number of hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in Endava by 4.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,588,111 shares of the company's stock valued at $576,950,000 after purchasing an additional 333,749 shares during the period. Capital International Investors raised its position in Endava by 3.2% during the fourth quarter. Capital International Investors now owns 2,115,202 shares of the company's stock valued at $164,668,000 after purchasing an additional 65,794 shares during the period. FMR LLC raised its position in Endava by 16.5% during the third quarter. FMR LLC now owns 1,807,318 shares of the company's stock valued at $103,650,000 after purchasing an additional 256,250 shares during the period. CDAM UK Ltd raised its position in Endava by 1.8% during the fourth quarter. CDAM UK Ltd now owns 1,451,449 shares of the company's stock valued at $112,995,000 after purchasing an additional 25,570 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Endava during the third quarter valued at approximately $58,433,000. 62.23% of the stock is currently 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.