Miss MTG's $5.15 Secondary But Think It's A Buy At $4?

Looking back to 117 days ago, MGIC Investment Corp. (NYSE: MTG) priced a 135,000,000 share secondary stock offering at $5.15 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Tuesday, the stock is now 19.1% above the offering price.