Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 47,100 shares, a decline of 30.9% from the September 15th total of 68,200 shares. Currently, 0.2% of the company’s shares are short sold. Based on an average daily volume of 56,600 shares, the days-to-cover ratio is currently 0.8 days.
Magic Software Enterprises Trading Up 2.0 %
Shares of MGIC traded up $0.22 during mid-day trading on Friday, hitting $11.21. 24,878 shares of the company’s stock traded hands, compared to its average volume of 56,901. 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 1 year low of $8.15 and a 1 year high of $12.99. The firm has a market capitalization of $550.40 million, a P/E ratio of 15.36 and a beta of 1.08. The business’s 50-day moving average price is $10.91 and its 200-day moving average price is $11.08.
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last posted its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The firm had revenue of $136.25 million for the quarter, compared to analysts’ expectations of $132.10 million. During the same period in the previous year, the firm earned $0.28 earnings per share. As a group, sell-side analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.
Hedge Funds Weigh In On Magic Software Enterprises
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 21st.
Check Out Our Latest Stock Analysis on MGIC
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.
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