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

AudioCodes Ltd. (NASDAQ:AUDC) saw a large increase in short interest in 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 trading volume, of 84,100 shares, the days-to-cover ratio is currently 3.5 days. Approximately 1.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new position in AudioCodes in the 2nd quarter valued at about $143,000. Quadrature Capital Ltd raised its position in AudioCodes by 26.8% during the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock worth $228,000 after buying an additional 3,691 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of 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 acquiring an additional 7,009 shares in the last quarter. Tidal Investments LLC purchased a new stake in AudioCodes in the 1st quarter valued at approximately $340,000. Finally, Bank of New York Mellon Corp grew its holdings in AudioCodes by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after acquiring an additional 5,389 shares during the period. Hedge funds and other institutional investors own 68.05% of the company’s stock.

Analyst Ratings Changes

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

AudioCodes Trading Down 2.5 %

Shares of NASDAQ AUDC traded down $0.23 during mid-day trading on Thursday, reaching $9.10. The company had a trading volume of 52,572 shares, compared to its average volume of 78,502. The firm has a 50 day simple moving average of $9.15 and a two-hundred day simple moving average of $9.94. AudioCodes has a 52-week low of $7.70 and a 52-week high of $14.45. The stock has a market cap of $275.00 million, a P/E ratio of 22.75 and a beta of 0.86.

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.