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

AudioCodes Ltd. (NASDAQ:AUDC) was the target of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 294,100 shares, an increase of 131.0% from the October 31st total of 127,300 shares. Based on an average daily volume of 84,100 shares, the short-interest ratio is currently 3.5 days. Approximately 1.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On AudioCodes

Several hedge funds and other institutional investors have recently modified their holdings of the company. Senvest Management LLC raised its holdings in AudioCodes by 1.5% in the third quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after buying an additional 37,080 shares during the period. Vanguard Group Inc. raised its stake in shares of AudioCodes by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock valued at $11,122,000 after acquiring an additional 23,104 shares during the period. Taylor Frigon Capital Management LLC lifted its holdings in shares of AudioCodes by 85.3% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 441,878 shares of the communications equipment provider’s stock valued at $4,587,000 after acquiring an additional 203,399 shares in the last quarter. ARK Investment Management LLC boosted its position in AudioCodes by 9.5% during the 2nd quarter. ARK Investment Management LLC now owns 202,182 shares of the communications equipment provider’s stock worth $2,099,000 after purchasing an additional 17,589 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in AudioCodes during the 3rd quarter worth $1,618,000. 68.05% of the stock is owned by institutional investors and hedge funds.

AudioCodes Price Performance

AUDC stock traded up $0.20 during trading on Friday, reaching $9.30. 37,849 shares of the stock traded hands, compared to its average volume of 78,326. The firm has a market capitalization of $281.02 million, a PE ratio of 23.25 and a beta of 0.86. The business’s 50 day moving average price is $9.16 and its 200-day moving average price is $9.92. AudioCodes has a 52-week low of $7.70 and a 52-week high of $14.45.

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.