Endava (NYSE:DAVA) Trading Down 3.6% – Should You Sell?

Endava plc (NYSE:DAVA) dropped 3.6% on Wednesday . The stock traded as low as $23.60 and last traded at $23.61. Approximately 171,455 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 533,605 shares. The stock had previously closed at $24.50.

Analysts Set New Price Targets

DAVA has been the topic of several recent research reports. Guggenheim dropped their price target on shares of Endava from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. raised their price target on shares of Endava from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Needham & Company LLC reduced their price objective on shares of Endava from $42.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Finally, Susquehanna reduced their price objective on shares of Endava from $66.00 to $55.00 and set a “positive” rating for the company in a research note on Friday, September 20th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.31.

Endava Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.74 and a quick ratio of 1.74. The firm has a market capitalization of $1.43 billion, a P/E ratio of 68.61 and a beta of 1.21. The firm’s 50 day simple moving average is $28.82 and its two-hundred day simple moving average is $29.72.

Hedge Funds Weigh In On Endava

A number of hedge funds have recently modified their holdings of the company. Headlands Technologies LLC bought a new position in Endava in the first quarter worth about $49,000. Wallace Advisory Group LLC bought a new position in Endava in the first quarter worth about $126,000. Seven Eight Capital LP bought a new position in Endava in the second quarter worth about $216,000. Precision Wealth Strategies LLC bought a new position in Endava in the first quarter worth about $234,000. Finally, Sanctuary Advisors LLC bought a new position in Endava in the second quarter worth about $263,000. Hedge funds and other institutional investors own 62.23% of the company’s stock.

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.