AudioCodes Ltd. (NASDAQ:AUDC) Short Interest Up 131.0% in November

AudioCodes Ltd. (NASDAQ:AUDC) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 294,100 shares, a growth of 131.0% from the October 31st total of 127,300 shares. Currently, 1.4% of the shares of the stock are short sold. Based on an average trading volume of 84,100 shares, the days-to-cover ratio is currently 3.5 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. StockNews.com downgraded AudioCodes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC dropped their price target on AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Barclays decreased their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th.

Hedge Funds Weigh In On AudioCodes

A number of institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd increased its position in AudioCodes by 26.8% during the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock worth $228,000 after purchasing an additional 3,691 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of AudioCodes by 11.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after purchasing an additional 5,389 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after buying an additional 7,009 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of AudioCodes by 11.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after buying an additional 9,150 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of AudioCodes in the second quarter valued at approximately $143,000. 68.05% of the stock is owned by institutional investors and hedge funds.

AudioCodes Stock Up 2.2 %

Shares of AUDC traded up $0.20 during mid-day trading on Friday, reaching $9.30. 37,849 shares of the company’s stock were exchanged, compared to its average volume of 78,326. AudioCodes has a 52-week low of $7.70 and a 52-week high of $14.45. The company has a market cap of $281.02 million, a price-to-earnings ratio of 23.25 and a beta of 0.86. The company has a 50-day simple moving average of $9.16 and a two-hundred day simple moving average of $9.92.

About AudioCodes

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.