Shares of Magic Software Enterprises (MGIC) are higher on the session by nearly 7.1 percent, currently trading at $7.17. The security continues ticking higher on massive volume as it lifts higher intraday, elevating modestly here above its recent momo consolidation highs of $7.19.
MGIC currently trades at a trailing P/E of 23.75, price book of 3.34 and an EV/Revenue of 2.43. More than 1.9 million MGIC shares have already traded hands compared to a daily average of around 322,000 shares. All of the action following today’s high volume, which is approx. 6x the ticker’s 13- week daily average volume, looks to be entirely consolidative in nature.