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

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

Wall Street Analysts Forecast Growth

AUDC has been the topic of several research reports. StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 16th. Needham & Company LLC decreased their target price on shares of AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Barclays cut 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.

AudioCodes Price Performance

AudioCodes stock traded up $0.23 during trading hours on Friday, reaching $10.74. The company had a trading volume of 52,248 shares, compared to its average volume of 119,732. AudioCodes has a 12-month low of $7.70 and a 12-month high of $14.45. The company has a 50-day moving average price of $9.37 and a 200 day moving average price of $9.84. The firm has a market cap of $324.56 million, a price-to-earnings ratio of 26.85 and a beta of 0.81.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in AudioCodes in the 3rd quarter worth $1,618,000. Public Employees Retirement System of Ohio purchased a new stake in shares of AudioCodes during the third quarter worth about $595,000. JPMorgan Chase & Co. grew its stake in shares of AudioCodes by 95.1% in the third quarter. JPMorgan Chase & Co. now owns 104,037 shares of the communications equipment provider’s stock worth $1,012,000 after purchasing an additional 50,704 shares during the last quarter. Senvest Management LLC increased its holdings in AudioCodes by 1.5% during the 3rd quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after purchasing an additional 37,080 shares during the period. Finally, XTX Topco Ltd bought a new position in AudioCodes during the 2nd quarter valued at approximately $143,000. 68.05% of the stock is owned by hedge funds and other institutional investors.

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.