It is possible that an institutional investor sold shares in the company in order to to realize a profit as the year winds down.
After reaching a two-year high, the share price of AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) fell 8% on Nasdaq yesterday to $5.84, and fell 5.6% by mid-afternoon on the TASE today to NIS 21.35.
AudioCodes, run by chairman, president and CEO Shabtai Adlersberg, provides VoIP solutions. The company's business has been improving of late, and its share price rose 132% since August and now reflects a market cap of $237 million.
There is no apparent reason for yesterday's fall in the share price on triple the average daily turnover. It is possible that an institutional investor sold shares in the company in order to realize a profit as the year winds down.
Shares in other companies in the segment also fell yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2010
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