Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Declines By 17.6%

AudioCodes Ltd. (NASDAQ:AUDC) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totaling 292,190 shares, a decrease of 17.6% from the November 30th total of 354,780 shares. Based on an average trading volume of 101,539 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.0% of the company’s shares are sold short. Approximately 2.0% of the company’s shares are sold short. Based on an average trading volume of 101,539 shares, the days-to-cover ratio is currently 2.9 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC grew its holdings in AudioCodes by 4.3% in the third quarter. Exchange Traded Concepts LLC now owns 27,217 shares of the communications equipment provider’s stock worth $259,000 after purchasing an additional 1,132 shares during the period. Raymond James Financial Inc. bought a new position in shares of AudioCodes during the 2nd quarter worth about $43,000. Jane Street Group LLC grew its stake in shares of AudioCodes by 14.2% in the 1st quarter. Jane Street Group LLC now owns 47,624 shares of the communications equipment provider’s stock valued at $449,000 after buying an additional 5,938 shares during the period. Cubist Systematic Strategies LLC grew its stake in shares of AudioCodes by 56.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after buying an additional 7,052 shares during the period. Finally, JPMorgan Chase & Co. increased its position in AudioCodes by 38.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 39,306 shares of the communications equipment provider’s stock valued at $386,000 after buying an additional 10,877 shares in the last quarter. Institutional investors and hedge funds own 68.05% of the company’s stock.

AudioCodes Price Performance

NASDAQ AUDC opened at $8.73 on Friday. The stock has a market capitalization of $250.38 million, a P/E ratio of 18.98 and a beta of 1.04. The business has a 50 day simple moving average of $8.98 and a 200 day simple moving average of $9.45. AudioCodes has a one year low of $8.01 and a one year high of $12.72.

Analyst Upgrades and Downgrades

AUDC has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of AudioCodes in a research note on Monday. Wall Street Zen cut AudioCodes from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Zacks Research upgraded AudioCodes from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.25.

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.