AudioCodes Ltd. (NASDAQ:AUDC) Sees Large Increase 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 totaling 349,275 shares, a growth of 19.5% from the December 15th total of 292,190 shares. Currently, 2.4% of the shares of the company are short sold. Based on an average trading volume of 70,887 shares, the days-to-cover ratio is currently 4.9 days. Based on an average trading volume of 70,887 shares, the days-to-cover ratio is currently 4.9 days. Currently, 2.4% of the shares of the company are short sold.

Hedge Funds Weigh In On AudioCodes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of AudioCodes in the 2nd quarter valued at approximately $43,000. Jump Financial LLC purchased a new position in AudioCodes in the second quarter worth $127,000. SIH Partners LLLP purchased a new position in AudioCodes in the third quarter worth $170,000. Cubist Systematic Strategies LLC lifted its holdings in AudioCodes by 56.0% in the first quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after acquiring an additional 7,052 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in shares of AudioCodes during the 3rd quarter worth $206,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of AudioCodes in a research note on Monday, December 29th. Zacks Research raised AudioCodes from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Finally, Wall Street Zen raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.25.

AudioCodes Trading Down 0.3%

Shares of NASDAQ:AUDC traded down $0.03 during midday trading on Tuesday, hitting $8.34. The stock had a trading volume of 65,184 shares, compared to its average volume of 74,836. AudioCodes has a 1 year low of $8.01 and a 1 year high of $12.72. The stock has a 50 day moving average price of $8.89 and a two-hundred day moving average price of $9.39. The company has a market capitalization of $239.05 million, a PE ratio of 18.12 and a beta of 1.04.

AudioCodes Company Profile

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha’Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.