Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Down – Here’s Why

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) gapped down before the market opened on Monday . The stock had previously closed at $11.42, but opened at $10.93. Magic Software Enterprises shares last traded at $10.85, with a volume of 10,837 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th.

Magic Software Enterprises Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a 50 day simple moving average of $11.28 and a 200-day simple moving average of $10.98. The firm has a market cap of $550.41 million, a PE ratio of 16.54 and a beta of 1.08.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the last quarter. Y.D. More Investments Ltd bought a new position in shares of Magic Software Enterprises during the second quarter valued at $1,451,000. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises in the 3rd quarter worth about $1,675,000. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at about $880,000. Finally, Acadian Asset Management LLC grew its stake in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after acquiring an additional 65,540 shares during the period. 24.70% of the stock is owned by hedge funds and other institutional investors.

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.