AudioCodes Ltd. (NASDAQ:AUDC) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 223,000 shares, a growth of 55.6% from the September 30th total of 143,300 shares. Based on an average daily volume of 221,400 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.1% of the company’s shares are sold short.
Several research firms have weighed in on AUDC. ValuEngine upgraded shares of AudioCodes from a “sell” rating to a “hold” rating in a report on Tuesday, November 5th. BidaskClub upgraded shares of AudioCodes from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC upped their price objective on shares of AudioCodes to $20.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. NEXT Financial Group Inc grew its position in shares of AudioCodes by 406.7% in the 3rd quarter. NEXT Financial Group Inc now owns 3,040 shares of the communications equipment provider’s stock valued at $57,000 after buying an additional 2,440 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of AudioCodes by 456.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,051 shares of the communications equipment provider’s stock worth $77,000 after acquiring an additional 3,323 shares during the period. BlackRock Inc. lifted its stake in shares of AudioCodes by 23.1% in the 2nd quarter. BlackRock Inc. now owns 9,660 shares of the communications equipment provider’s stock worth $150,000 after acquiring an additional 1,810 shares during the period. Tuttle Tactical Management acquired a new stake in shares of AudioCodes in the 3rd quarter worth $226,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of AudioCodes in the 2nd quarter worth $235,000. 30.83% of the stock is currently owned by hedge funds and other institutional investors.
AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings data on Tuesday, October 29th. The communications equipment provider reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.04. AudioCodes had a net margin of 8.66% and a return on equity of 23.08%. The company had revenue of $51.41 million for the quarter.
AudioCodes Company Profile
AudioCodes Ltd. designs, develops, and sells voice over IP (VoIP), converged VoIP, and data networking solutions, products, and applications for enterprise unified communications, contact centers, service provider business services, mobile VoIP, and cloud virtualized data centers worldwide. The company's products include IP phones, session border controllers (SBC), media gateways, multi-service business routers, huddle room solutions, managed IP Phones, and survivable branch appliances; CloudBond 365, an adaptable solution for the data center, customer premises or the branch; CloudBond 365 CCE appliances; User Management Pack 365, a software management application; VoIP management and routing, a suite of lifecycle applications for large scale cloud or premises-based unified communications deployments.
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