AudioCodes Ltd. Sees Significant Decline in Short Interest

AudioCodes Ltd. (NASDAQ:AUDC) experienced a notable reduction in short interest during December. As of December 15th, the total short interest amounted to 139,600 shares, which represents a 36.9% decrease from the previous month's total of 221,200 shares on November 30th. Currently, about 0.7% of the company's outstanding stock is short sold. With an average trading volume of 80,300 shares, the days-to-cover ratio now stands at 1.7 days.

AudioCodes Price Performance

During trading on Friday, shares of NASDAQ AUDC dipped by $0.11, bringing the price to $9.43. A total of 51,584 shares exchanged hands, below the average trading volume of 77,920 shares. The company has a 50-day moving average price of $9.12 and a 200-day moving average price of $9.85. AudioCodes boasts a market capitalization of $284.95 million, a price-to-earnings (P/E) ratio of 23.58, and a beta of 0.84. The stock's performance over the past year has seen a low of $7.70 and a high of $14.45.

Wall Street Analysts Forecast Growth

The stock has been the subject of various recent research reports. Needham & Company LLC recently lowered their price target for AudioCodes shares from $14.00 to $11.00 while maintaining a "buy" rating as of November 7th. Barclays also cut their price target from $10.00 to $9.00, placing an "underweight" rating on the stock in a report published the same day. Meanwhile, StockNews.com raised AudioCodes from a "buy" to a "strong-buy" rating on December 16th.

Institutional Investors Weigh In On AudioCodes

Recent activity among institutional investors shows mixed adjustments in their stakes in AudioCodes. XTX Topco Ltd acquired a new investment in the second quarter, valued at approximately $143,000. DGS Capital Management LLC increased their stake by 72.8% in the third quarter, now possessing 21,672 shares worth $211,000 after adding 9,133 shares. Marshall Wace LLP expanded its holdings by 37.5% in the second quarter, reaching 25,683 shares valued at $267,000 following the purchase of an additional 7,009 shares. Bank of New York Mellon Corp also increased its stake by 11.3% during the second quarter, culminating in ownership of 53,105 shares worth $551,000 after acquiring an additional 5,389 shares. Lastly, the Public Employees Retirement System of Ohio entered the third quarter with a new stake valued at around $595,000. Overall, institutional investors control about 68.05% of the company’s shares.

AudioCodes Company Profile

AudioCodes Ltd. provides advanced communications software and products, delivering productivity solutions for the global digital workplace. The company specializes in unified communications, contact centers, hosted business services, Voice.AI, and service provider industries. Its offerings include session border controllers, lifecycle management solutions, VoIP routing solutions, media gateways, multi-service routers, IP phone solutions, value-added applications, and professional services.

AudioCodes, Stocks, Market