Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Drops By 21.3%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 17,000 shares, a decline of 21.3% from the October 15th total of 21,600 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily volume of 49,800 shares, the short-interest ratio is presently 0.3 days.

Magic Software Enterprises Trading Down 1.4 %

Shares of MGIC traded down $0.16 during mid-day trading on Friday, reaching $11.42. 36,938 shares of the company were exchanged, compared to its average volume of 33,666. The business has a 50 day simple moving average of $11.28 and a two-hundred day simple moving average of $10.98. Magic Software Enterprises has a 52 week low of $8.40 and a 52 week high of $12.99. The stock has a market capitalization of $560.72 million, a PE ratio of 16.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66.

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

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the company. Copeland Capital Management LLC bought a new position in Magic Software Enterprises during the third quarter worth $47,000. Barclays PLC increased its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises in the 3rd quarter valued at $115,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Magic Software Enterprises during the 1st quarter worth approximately $593,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Company Profile

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.