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

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Truffle Hound Capital LLC acquired a new stake in shares of Magic Software Enterprises during the fourth quarter worth about $5,173,000. Assenagon Asset Management S.A. purchased a new stake in Magic Software Enterprises in the 3rd quarter valued at approximately $1,675,000. Bank of New York Mellon Corp purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth about $1,392,000. JPMorgan Chase & Co. boosted its holdings in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Finally, Heron Bay Capital Management purchased a new stake in Magic Software Enterprises in the fourth quarter valued at approximately $183,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Trading Up 0.4 %

MGIC traded up $0.05 on Friday, hitting $12.30. The company had a trading volume of 14,998 shares, compared to its average volume of 40,344. The business’s fifty day simple moving average is $12.47 and its 200 day simple moving average is $11.72. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market cap of $603.92 million, a PE ratio of 17.57 and a beta of 1.11. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $13.46.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MGIC shares. StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Barclays increased their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

About Magic Software Enterprises

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.