Software sector sees volatility as Dave Inc. shares drop 9.9%

Dave Inc. shares fell 9.9% on Wednesday, closing at $318.60, as part of a broader selloff in the software application sector. The decline occurred without company-specific news, earnings releases, or analyst downgrades, suggesting a sector-wide rotation. Peer companies also experienced declines, with Hirect Inc. falling 5.4% and Upstart Holdings dropping 3.5%.

Separately, Endava (DAVA) saw its 'hold' rating reaffirmed by TD Cowen, which set a price objective of $3.50. This follows a series of mixed analyst actions, including a rating cut by William Blair and an upgrade by Zacks Research. Endava's stock recently traded at $2.13 amid varying consensus targets and market performance.