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

Endava plc (NYSE:DAVA) was the target of a significant increase in short interest in 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 daily volume of 577,400 shares, the days-to-cover ratio is currently 1.2 days.

Endava Trading Down 1.1 %

Shares of NYSE DAVA traded down $0.34 during trading hours on Friday, reaching $31.06. The stock had a trading volume of 189,846 shares, compared to its average volume of 562,343. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 21.66 and a beta of 1.10. The business’s fifty day moving average price is $48.41 and its two-hundred day moving average price is $59.50. Endava has a 52-week low of $30.76 and a 52-week high of $81.06.

Endava (NYSE:DAVA) last posted its earnings results 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 company had revenue of $227.96 million for the quarter, compared to analysts’ expectations of $231.07 million. Endava had a return on equity of 11.77% and a net margin of 8.88%. Equities research analysts anticipate that Endava will post 0.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on DAVA shares. Needham & Company LLC lowered their price objective on Endava from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. TD Cowen lowered their price objective on Endava from $85.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, March 1st. HSBC downgraded Endava from a “buy” rating to a “hold” rating and boosted their price objective for the company from $68.00 to $80.00 in a research report on Monday, January 8th. Morgan Stanley downgraded Endava from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $68.00 to $80.00 in a research report on Wednesday, January 24th. Finally, Guggenheim started coverage on Endava in a report on Tuesday, March 19th. They issued a “buy” rating and a $60.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.78.

Hedge Funds Weigh In On Endava

Several institutional investors and hedge funds have recently modified their holdings of DAVA. Raymond James Financial Services Advisors Inc. boosted its holdings in Endava by 113.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 3,428 shares of the company’s stock worth $456,000 after buying an additional 1,819 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Endava by 61.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,061 shares of the company’s stock worth $274,000 after buying an additional 786 shares during the last quarter. Cetera Advisor Networks LLC acquired a new stake in Endava in the 1st quarter worth about $363,000. Citigroup Inc. boosted its holdings in Endava by 1,461.2% in the 1st quarter. Citigroup Inc. now owns 10,913 shares of the company’s stock worth $1,451,000 after buying an additional 10,214 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in Endava by 32.4% in the 1st quarter. Synovus Financial Corp now owns 9,044 shares of the company’s stock worth $1,204,000 after buying an additional 2,211 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.