NEW YORK (TheStreet) -- Audiocodes (AUDC) was falling 6.43% to $8.44 at 11:22 a.m. on Wednesday after the company, which designs, develops and sells advanced Voice over IP and data networking products and communications applications for service providers and enterprises, announced the pricing of its public offering of ordinary shares.
The company set a price of $8 a share for the 3.5 million shares. William Blair and Needham acted as joint book running managers for the offering.
The stock had amassed a volume of more than 2.5 million at 11:20 a.m., well above its average of 391,543.
TheStreet Ratings team rates AUDIOCODES LTD as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AUDIOCODES LTD (AUDC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall."
Highlights from the analysis by TheStreet Ratings Team goes as follows: