Turtle Beach (NASDAQ:TBCH) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Turtle Beach to “Hold” from “Buy,” joining mixed analyst sentiment. The stock has a consensus “Hold” rating and an average price target of $16.80.
• Turtle Beach shares opened at $12.48, within a 12-month range of $9.84 to $17.39. The company reported a quarterly loss of $0.38 per share, missing expectations by $0.08, on revenue of $56.37 million.
• Institutional investors own approximately 67.01% of the company, while a major shareholder recently sold 5,671 shares at an average price of $13.00.

Turtle Beach (NASDAQ:TBCH - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Wall Street Zen reports.

TBCH has been the subject of a number of other reports. Zacks Research downgraded Turtle Beach from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Weiss Ratings restated a "sell (d)" rating on shares of Turtle Beach in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $16.80.

Turtle Beach Price Performance

Shares of TBCH stock opened at $12.48 on Tuesday. Turtle Beach has a 12 month low of $9.84 and a 12 month high of $17.39. The stock has a market cap of $223.52 million, a P/E ratio of -59.43 and a beta of 2.31. The company has a current ratio of 2.38, a quick ratio of 1.30 and a debt-to-equity ratio of 0.95. The company has a 50 day simple moving average of $12.67 and a two-hundred day simple moving average of $12.19.

Turtle Beach (NASDAQ:TBCH - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.08). Turtle Beach had a negative return on equity of 2.26% and a negative net margin of 1.07%.The firm had revenue of $56.37 million during the quarter. On average, research analysts expect that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Buying and Selling at Turtle Beach

In other news, major shareholder Dc Vga Llc sold 5,671 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $13.00, for a total transaction of $73,723.00. Following the transaction, the insider owned 1,775,441 shares in the company, valued at $23,080,733. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its holdings in shares of Turtle Beach by 200.4% in the 2nd quarter. California State Teachers Retirement System now owns 2,565 shares of the company's stock valued at $32,000 after buying an additional 1,711 shares during the period. BNP Paribas Financial Markets lifted its holdings in Turtle Beach by 87.2% during the third quarter. BNP Paribas Financial Markets now owns 2,988 shares of the company's stock valued at $48,000 after purchasing an additional 1,392 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Turtle Beach in the 2nd quarter worth about $76,000. New York State Common Retirement Fund acquired a new stake in shares of Turtle Beach in the second quarter worth approximately $81,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Turtle Beach during the second quarter worth $99,000. Hedge funds and other institutional investors own 67.01% of the company's stock.

Turtle Beach Company Profile

Turtle Beach Corporation NASDAQ: TBCH is a global developer, manufacturer and distributor of gaming audio peripherals, specializing in headsets, microphones and audio accessories for PC, console and mobile platforms. The company's product lineup spans wired and wireless gaming headsets, mixing stations, sound cards and accessories designed to enhance the immersive experience for casual and professional gamers alike.

Founded in 1975 and headquartered in San Diego, California, Turtle Beach has built a longstanding reputation in audio innovation.

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