Magic Software Enterprises Ltd (NASDAQ:MGIC) Short Interest Down 55.5% in July

Magic Software Enterprises Ltd (NASDAQ:MGIC) was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 11,300 shares, a decrease of 55.5% from the June 30th total of 25,400 shares. Based on an average trading volume of 15,000 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.1% of the shares of the stock are short sold.

A number of institutional investors have recently added to or reduced their stakes in MGIC. Optimum Investment Advisors acquired a new position in Magic Software Enterprises in the second quarter valued at $27,000. Opus Capital Group LLC acquired a new stake in Magic Software Enterprises during the second quarter worth about $193,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Magic Software Enterprises by 11.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,574 shares of the software maker’s stock worth $211,000 after acquiring an additional 2,450 shares during the last quarter. Seizert Capital Partners LLC acquired a new stake in Magic Software Enterprises during the first quarter worth about $228,000. Finally, Advisors Asset Management Inc. increased its stake in Magic Software Enterprises by 81.2% during the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock worth $246,000 after acquiring an additional 13,173 shares during the last quarter. Hedge funds and other institutional investors own 15.64% of the company’s stock.

Magic Software Enterprises stock traded up $0.18 during trading on Monday, hitting $8.98. The company’s stock had a trading volume of 12,100 shares, compared to its average volume of 22,873. The stock has a market capitalization of $435.12 million, a PE ratio of 16.33 and a beta of 0.95. The stock has a fifty day moving average price of $8.95. Magic Software Enterprises has a 1-year low of $7.29 and a 1-year high of $10.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The firm had revenue of $71.80 million during the quarter, compared to analyst estimates of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. Equities research analysts forecast that Magic Software Enterprises will post 0.59 EPS for the current fiscal year.

Several brokerages have recently issued reports on MGIC. Zacks Investment Research upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Tuesday, July 16th. BidaskClub upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, June 26th. ValuEngine downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Magic Software Enterprises in a research note on Thursday, May 23rd.

Magic Software Enterprises Company Profile

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.

See Also: What is the yield curve?

Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.