Magic Software Enterprises Ltd (NASDAQ:MGIC) Short Interest Update

Magic Software Enterprises Ltd (NASDAQ:MGIC) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 2,800 shares, an increase of 115.4% from the April 30th total of 1,300 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 26,600 shares, the days-to-cover ratio is currently 0.1 days.

Institutional investors and hedge funds have recently modified their holdings of the stock. Delek Group Ltd. grew its stake in Magic Software Enterprises by 15.4% during the 1st quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock valued at $4,623,000 after acquiring an additional 73,978 shares in the last quarter. Sphera Funds Management LTD. bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at approximately $324,000. Bank of New York Mellon Corp grew its stake in shares of Magic Software Enterprises by 47.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock valued at $750,000 after buying an additional 28,323 shares in the last quarter. Seizert Capital Partners LLC bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at approximately $228,000. Finally, Advisors Asset Management Inc. bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at approximately $124,000. 15.47% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on MGIC shares. BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. HC Wainwright set a $7.00 price objective on shares of Armata Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, May 23rd. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday.

MGIC traded down $0.01 during trading on Wednesday, reaching $8.86. The company had a trading volume of 5,100 shares, compared to its average volume of 24,908. The company has a 50-day moving average of $8.73. The firm has a market capitalization of $433.66 million, a P/E ratio of 16.11 and a beta of 0.98. Magic Software Enterprises has a 12-month low of $7.29 and a 12-month high of $10.20. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 0.08.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. The firm had revenue of $71.80 million for the quarter, compared to analysts’ expectations of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. Analysts anticipate that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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