Magic ( (MGIC) ) has released a notification of late filing.
Magic Software Enterprises Ltd. has announced a delay in filing its Form 20-F (Yearly Report) for the financial period ending December 31, 2024. The delay is primarily due to internal review procedure setbacks, which have prevented the finalization of financial statements and related disclosures, as well as the completion of the audit by the certifying auditors. The company anticipates filing the report by May 15, 2025, within the extension period allowed under Rule 12b-25(b). Importantly, Magic Software does not expect any significant changes in its financial results compared to the previous fiscal year. The company is actively working to ensure compliance and the notification has been signed by Asaf Berenstin, the Chief Financial Officer.
Spark’s Take on MGIC Stock
According to Spark, TipRanks’ AI Analyst, MGIC is a Outperform.
Magic’s stock is supported by strong financial performance and a strategic merger that enhances growth prospects. Technical indicators show positive trends, though caution is advised due to overbought signals. Valuation is fair, with an attractive dividend yield. The earnings call underscores strategic growth initiatives, despite some regional growth challenges.
To see Spark’s full report on MGIC stock, click here.
More about Magic
YTD Price Performance: 16.28%
Average Trading Volume: 73,888
Technical Sentiment Signal: Sell
Current Market Cap: $669.7M
Learn more about MGIC stock on TipRanks’ Stock Analysis page.