Endava plc

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Investigation Details

On February 29, 2024, Endava announced 2Q24 financial results and then reduced its revenue guidance for the 3Q and full fiscal year 2024. The Company blamed it on the “uncertain economic environment” causing delays in bookings ramp. Analysts commenting on Endava’s reduced guidance note management being overly confident that new deals would ramp-up quicker than they did and an expected rebound in payments and financial services.

Following this news, Endava’s stock price fell by $26.65 per share, or approximately 42% to close at $37.17 per share.