AudioCodes Ltd. (NASDAQ:AUDC) Sees Significant Growth in Short Interest

AudioCodes Ltd. (NASDAQ:AUDCGet Free Report) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 160,400 shares, a growth of 14.9% from the December 15th total of 139,600 shares. Based on an average daily trading volume, of 88,800 shares, the short-interest ratio is presently 1.8 days. Currently, 0.8% of the company’s stock are sold short.

Hedge Funds Weigh In On AudioCodes

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes in the 3rd quarter valued at $1,618,000. Public Employees Retirement System of Ohio acquired a new position in AudioCodes during the third quarter valued at $595,000. Marshall Wace LLP boosted its holdings in AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after purchasing an additional 7,009 shares during the last quarter. Bank of New York Mellon Corp grew its position in 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of AudioCodes by 11.1% during the 3rd 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. Institutional investors and hedge funds own 68.05% of the company’s stock.

AudioCodes Trading Up 2.2 %

Shares of AUDC stock traded up $0.23 during mid-day trading on Friday, reaching $10.74. The stock had a trading volume of 52,248 shares, compared to its average volume of 81,458. AudioCodes has a 1-year low of $7.70 and a 1-year high of $14.45. The firm has a market cap of $324.56 million, a price-to-earnings ratio of 26.85 and a beta of 0.81. The business’s fifty day moving average is $9.42 and its 200-day moving average is $9.84.

Analyst Upgrades and Downgrades

AUDC has been the subject of several recent analyst reports. Barclays lowered their price target on AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a report on Thursday, November 7th. Needham & Company LLC dropped their target price on shares of AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th.

Get Our Latest Stock Analysis on AUDC

About AudioCodes

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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.

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