AudioCodes (NASDAQ:AUDC) Share Price Breaks Below 50 Day Moving Average - Here's Why

Key Points

• AudioCodes shares fell below their 50-day moving average, trading as low as $10.18 and last at $10.35, versus a 50-day average of $10.63.
• Analyst sentiment remains neutral: Weiss Ratings reiterated a “hold” rating, matching the stock’s overall consensus rating.
• The company slightly beat quarterly expectations, reporting earnings of $0.15 per share and revenue of $62.96 million; insiders sold 39,562 shares over the past three months.

AudioCodes Ltd. (NASDAQ:AUDC - Get Free Report) shares crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $10.63 and traded as low as $10.18. AudioCodes shares last traded at $10.35, with a volume of 181,166 shares.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "hold (c)" rating on shares of AudioCodes in a report on Monday. One research analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, AudioCodes presently has a consensus rating of "Hold".

AudioCodes Stock Down 2.7%

The stock's 50 day moving average price is $10.63 and its two-hundred day moving average price is $9.32. The firm has a market capitalization of $249.95 million, a price-to-earnings ratio of 39.81 and a beta of 0.98.

AudioCodes (NASDAQ:AUDC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $62.96 million during the quarter, compared to the consensus estimate of $62.40 million. AudioCodes had a return on equity of 6.79% and a net margin of 2.83%.

Insider Buying and Selling

In other AudioCodes news, Director Zehava Simon sold 27,000 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $9.91, for a total transaction of $267,570.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lior Aldema sold 2,812 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $9.98, for a total value of $28,063.76. Following the transaction, the executive vice president directly owned 104,065 shares of the company's stock, valued at $1,038,568.70. This represents a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 39,562 shares of company stock worth $393,201 over the last three months. 48.80% of the stock is owned by company insiders.

Institutional Trading of AudioCodes

A number of hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC bought a new stake in shares of AudioCodes in the second quarter valued at about $111,000. AXQ Capital LP acquired a new position in AudioCodes during the second quarter worth $116,000. NewEdge Advisors LLC increased its position in shares of AudioCodes by 49.5% during the 1st quarter. NewEdge Advisors LLC now owns 25,607 shares of the communications equipment provider's stock worth $215,000 after purchasing an additional 8,475 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of AudioCodes in the second quarter valued at approximately $592,000. Finally, Bank of New York Mellon Corp increased its stake in shares of AudioCodes by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 85,398 shares of the communications equipment provider's stock valued at $718,000 after buying an additional 7,019 shares in the last quarter. 68.05% of the stock is owned by institutional investors.

About AudioCodes

AudioCodes Ltd. NASDAQ: AUDC is an Israeli provider of advanced voice and communications technologies for enterprises, service providers and telecommunications operators. The company develops solutions that enable organizations to deploy, manage and optimize business voice services across private, public and hybrid communications networks.

Its portfolio includes session border controllers, media gateways, voice network products, professional services and cloud-based communications solutions.

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