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

AudioCodes Ltd. (NASDAQ:AUDC) was the target of a large growth in short interest in the month of 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. Currently, 0.8% of the shares of the company are sold short. Based on an average trading volume of 88,800 shares, the days-to-cover ratio is presently 1.8 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays cut 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. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 16th. Finally, Needham & Company LLC decreased their price target on AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th.

AudioCodes Trading Up 2.2 %

Shares of AUDC traded up $0.23 during mid-day trading on Friday, reaching $10.74. 52,248 shares of the stock traded hands, compared to its average volume of 119,732. The company has a market cap of $324.56 million, a price-to-earnings ratio of 26.85 and a beta of 0.81. AudioCodes has a 1 year low of $7.70 and a 1 year high of $14.45. The firm has a fifty day moving average price of $9.37 and a 200 day moving average price of $9.84.

Hedge Funds Weigh In On AudioCodes

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position 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 valued at $551,000 after acquiring an additional 5,389 shares during the last quarter. XTX Topco Ltd bought a new stake in AudioCodes during the second quarter valued at approximately $143,000. Marshall Wace LLP grew its stake in AudioCodes by 37.5% in the 2nd 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. Assenagon Asset Management S.A. bought a new position in shares of AudioCodes in the 3rd quarter worth $1,618,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position 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 in the last quarter. 68.05% of the stock is currently owned by institutional investors.

AudioCodes Company Profile

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.