Magic Software(MGIC) shares soar 1.99% to 52-week high on revenue growth

Magic Software(MGIC) shares surged 1.99% today, marking the sixth consecutive day of gains, with a cumulative increase of 12.86% over the past six days. The stock price reached its highest level since February 2023, reflecting strong investor confidence.

The strategy of buying MGIC shares after they reached a recent high and holding for 1 week yielded moderate returns over the past 5 years, with a 7.56% annualized return and a 37.12% overall return as of the latest data point, May 19, 2025. However, the volatility is relatively high, with a maximum drawdown of 16.72% during the period.

Magic Software Enterprises Ltd. reported a modest 3.3% revenue increase to $552.52 million for the fiscal year, which has been a significant factor in the company's recent stock performance. This revenue growth indicates the company's ability to maintain and expand its market presence, which has positively influenced investor sentiment.

Additionally, Magic Software's stock price has hit a new 52-week high during recent trading, further underscoring the positive outlook among investors. This milestone suggests that the company's strategic initiatives and operational improvements are resonating well with the market, driving the stock price higher.