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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 79,200 shares, a growth of 164.0% from the January 31st total of 30,000 shares. Based on an average daily volume of 49,300 shares, the short-interest ratio is currently 1.6 days. Currently, 0.4% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Barclays upped their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Institutional Trading of Magic Software Enterprises

Institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after acquiring an additional 2,000 shares during the period. Barclays PLC grew 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 valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises in the 3rd quarter worth about $115,000. Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises in the 4th quarter worth about $138,000. Finally, Man Group plc bought a new stake in Magic Software Enterprises in the fourth quarter worth about $145,000. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Price Performance

NASDAQ:MGIC opened at $12.25 on Friday. The firm has a market capitalization of $601.46 million, a price-to-earnings ratio of 17.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The business has a 50 day simple moving average of $12.45 and a 200-day simple moving average of $11.70. Magic Software Enterprises has a 1 year low of $9.51 and a 1 year high of $13.46.

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.