Turtle Beach (NASDAQ:TBCH) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Turtle Beach from “hold” to “buy,” although analyst sentiment remains mixed: four buys, one hold and two sells, with a consensus rating of “Hold” and a $16.80 price target.
• Turtle Beach shares opened at $13.99, compared with a 52-week range of $9.84 to $17.39. The company recently reported an adjusted quarterly loss of $0.38 per share, missing estimates by $0.08, on revenue of $56.37 million.
• Institutional investors own approximately 67.01% of Turtle Beach, while insiders own 3.40%; one major shareholder recently sold 5,671 shares.

Turtle Beach (NASDAQ:TBCH - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Several other research analysts have also recently issued reports on the company. Zacks Research cut Turtle Beach from a "hold" rating to a "strong sell" rating in a research note on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Turtle Beach in a research report on Friday, August 7th. Four equities 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 stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $16.80.

Turtle Beach Stock Performance

Shares of Turtle Beach stock opened at $13.99 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.38 and a debt-to-equity ratio of 0.95. The stock's fifty day moving average is $12.67 and its two-hundred day moving average is $12.20. Turtle Beach has a 52 week low of $9.84 and a 52 week high of $17.39. The company has a market capitalization of $250.56 million, a PE ratio of -66.62 and a beta of 2.36.

Turtle Beach (NASDAQ:TBCH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.08). The company had revenue of $56.37 million for the quarter. Turtle Beach had a negative net margin of 1.07% and a negative return on equity of 2.26%. As a group, analysts expect that Turtle Beach will post 0.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Dc Vga Llc sold 5,671 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $13.00, for a total value of $73,723.00. Following the completion of the transaction, the insider directly owned 1,775,441 shares of the company's stock, valued at approximately $23,080,733. The trade was a 0.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Turtle Beach

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its position in Turtle Beach by 26.1% in the first quarter. Dimensional Fund Advisors LP now owns 437,882 shares of the company's stock valued at $4,440,000 after buying an additional 90,677 shares during the last quarter. Pinnacle Holdings LLC acquired a new stake in Turtle Beach during the 2nd quarter valued at approximately $798,000. Bank of New York Mellon Corp purchased a new stake in shares of Turtle Beach in the 2nd quarter valued at $741,000. Globeflex Capital L P purchased a new stake in shares of Turtle Beach in the 2nd quarter valued at $596,000. Finally, North Star Investment Management Corp. increased its stake in shares of Turtle Beach by 20.4% in the first quarter. North Star Investment Management Corp. now owns 207,144 shares of the company's stock worth $2,100,000 after acquiring an additional 35,144 shares during the period. 67.01% of the stock is currently owned by institutional investors and hedge funds.

About Turtle Beach

Turtle Beach Corporation is a gaming accessories company that develops, markets and distributes products for console, PC and mobile gaming. Its portfolio includes gaming headsets, controllers, keyboards, mice, microphones, racing wheels and other gaming peripherals designed to support interactive entertainment and esports.

The company sells products under the Turtle Beach brand and, following its acquisition of Performance Designed Products, also offers products associated with brands such as PDP and its licensed gaming accessories portfolio.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.