AudioCodes Ltd. (NASDAQ:AUDC) Experiences Significant Drop in Short Interest

AudioCodes Ltd. (NASDAQ:AUDC) has witnessed a notable decline in its short interest during December. As of December 15th, the total short interest was reported at 139,600 shares, marking a 36.9% decrease from the previous total of 221,200 shares noted on November 30th. Presently, this accounts for about 0.7% of the company's total shares being short sold. Given the average trading volume of 80,300 shares per day, the current days-to-cover ratio stands at 1.7 days.

Recent Price Movements for AudioCodes

On the trading day of Friday, AudioCodes shares saw a decrease of $0.11, bringing the price down to $9.43. A total of 51,584 shares changed hands, slightly below the average trading volume of 77,920 shares. The company’s moving averages are currently positioned with a 50-day average at $9.12 and a 200-day average at $9.85. AudioCodes maintains a market capitalization of approximately $284.95 million, with a P/E ratio of 23.58 and a beta of 0.84. Over the past 52 weeks, the stock recorded a low of $7.70 and a high of $14.45.

Analysts' Predictions for AudioCodes' Future

AudioCodes has been discussed in several research reports as of late. Needham & Company LLC recently adjusted their price target from $14.00 to $11.00 while maintaining a "buy" rating for the stock, as reported on November 7th. Additionally, Barclays revised their price objective downward from $10.00 to $9.00, assigning an "underweight" rating in the same timeframe. Meanwhile, StockNews.com upgraded the rating of AudioCodes from "buy" to "strong-buy" in their report issued on December 16th.

Institutional Investors' Activity in AudioCodes

Significant institutional investments have seen changes recently, with XTX Topco Ltd initiating a new stake in AudioCodes during the second quarter valued around $143,000. Meanwhile, DGS Capital Management LLC increased their ownership by an impressive 72.8% during the third quarter, now holding 21,672 shares worth approximately $211,000 after acquiring an additional 9,133 shares. Furthermore, Marshall Wace LLP expanded their stake by 37.5% in the same quarter, now possessing 25,683 shares valued at $267,000 after a purchase of 7,009 shares. Bank of New York Mellon Corp also raised their investment in AudioCodes by 11.3% in the second quarter, now owning 53,105 shares worth $551,000 following the acquisition of additional shares. Additionally, Public Employees Retirement System of Ohio entered a new investment in AudioCodes valued around $595,000 in the third quarter. Collectively, institutional investors hold a substantial 68.05% of AudioCodes' stock.

Understanding AudioCodes and Its Offerings

AudioCodes Ltd. is recognized for providing advanced communication solutions, including software, products, and services designed for modern digital workplaces around the globe. Their offerings cover a wide range of areas, such as unified communications, contact centers, hosted business services, Voice.AI applications, and services tailored for service providers. The product lineup includes session border controllers, VoIP routing solutions, media gateways, and more, alongside various professional services.

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