Magic Software Enterprises Ltd. (NASDAQ:MGIC) Sees Large Increase in Short Interest

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 68,200 shares, a growth of 180.7% from the August 31st total of 24,300 shares. Based on an average daily volume of 59,900 shares, the short-interest ratio is presently 1.1 days. Approximately 0.3% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 21st.

Magic Software Enterprises Stock Up 1.0 %

Shares of MGIC stock traded up $0.12 on Wednesday, hitting $11.77. The stock had a trading volume of 40,809 shares, compared to its average volume of 58,975. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a one year low of $8.15 and a one year high of $12.99. The business has a 50 day moving average price of $10.86 and a 200 day moving average price of $11.09. The company has a market cap of $577.90 million, a PE ratio of 16.12 and a beta of 1.07.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $136.25 million for the quarter, compared to the consensus estimate of $132.10 million. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. During the same period last year, the firm earned $0.28 earnings per share. Research analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of large investors have recently added to or reduced their stakes in MGIC. Dimensional Fund Advisors LP boosted its holdings in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after acquiring an additional 29,635 shares in the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises in the 2nd quarter worth approximately $1,451,000. Acadian Asset Management LLC boosted its stake in Magic Software Enterprises by 2,254.6% in the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Magic Software Enterprises during the 1st quarter worth approximately $593,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after buying an additional 13,469 shares during the last quarter. 24.70% of the stock is currently owned by institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.