Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Drops By 24.8%

AudioCodes Ltd. (NASDAQ:AUDC) was the recipient of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 221,200 shares, a decline of 24.8% from the November 15th total of 294,100 shares. Based on an average daily trading volume, of 83,400 shares, the days-to-cover ratio is presently 2.7 days. Approximately 1.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On AudioCodes

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in AudioCodes during the 2nd quarter worth approximately $143,000. DGS Capital Management LLC grew its stake in shares of AudioCodes by 72.8% during the third quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock worth $211,000 after purchasing an additional 9,133 shares in the last quarter. Marshall Wace LLP raised its stake 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 buying an additional 7,009 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 5,389 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of AudioCodes during the 3rd quarter worth about $595,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

AudioCodes Stock Down 0.2 %

AudioCodes stock traded down $0.02 during mid-day trading on Friday, reaching $9.24. 34,602 shares of the company’s stock were exchanged, compared to its average volume of 77,734. AudioCodes has a twelve month low of $7.70 and a twelve month high of $14.45. The company has a market cap of $279.23 million, a P/E ratio of 23.10 and a beta of 0.84. The company has a fifty day moving average of $9.14 and a 200-day moving average of $9.89.

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.