MGIC Stock Summary and Trading Ideas (Magic Software Enterprises Ltd. - | NASDAQ:MGIC)

Magic Software Enterprises Ltd is a software development company. The company's operating segment includes Software Services and IT Professional Services. It generates maximum revenue from the IT Professional Services segment. IT Professional Services segment offers advanced and flexible IT services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, communications services and solutions, as well as supplemental outsourcing services. Geographically, it derives a majority of revenue from the United States and also has a presence in Israel; Europe; Japan, and Other countries.

Magic Software Enterprises Ltd. - trades on the NASDAQ stock market under the symbol MGIC.

As of April 18, 2024, MGIC stock price declined to $11.45 with 59,287 million shares trading.

MGIC has a beta of 0.40, meaning it tends to be less sensitive to market movements. MGIC has a correlation of 0.01 to the broad based SPY ETF.

MGIC has a market cap of $562.12 million. This is considered a Small Cap stock.

Last quarter Magic Software Enterprises Ltd. - reported $126 million in Revenue and $.24 earnings per share. This beat revenue expectation by $8 million and exceeded earnings estimates by $.05.

In the last 3 years, MGIC stock traded as high as $25.49 and as low as $8.15.

The top ETF exchange traded funds that MGIC belongs to (by Net Assets): ITEQ, DFIC, ONEQ, SMLV, GWX.

MGIC stock has underperformed the market in the last year with a return of -8.4%, while SPY returned +22.2%. This shows that you would have done better investing in the overall market (through SPY) over the last year than in MGIC shares. However, MGIC has outperformed the market in the last 3 month and 2 week periods, returning +7.0% and 0.0%, while SPY returned +5.2% and -2.6%, respectively. This indicates MGIC has been having a stronger performance recently.

MGIC support price is $11.33 and resistance is $11.91 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that MGIC stock will trade within this expected range on the day.