Turtle Beach (NASDAQ:TBCH) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Turtle Beach from “strong sell” to “hold.” Overall, analysts’ consensus rating remains “Hold,” with a consensus price target of $16.80.
• Turtle Beach shares opened at $13.15, within a 52-week range of $9.84 to $17.39. The company recently reported a quarterly loss of $0.38 per share, missing the $0.30 consensus estimate, on revenue of $56.37 million.
• A major shareholder sold 140,000 shares for approximately $1.78 million, while institutional investors and hedge funds own 67.01% of the company.

Turtle Beach (NASDAQ:TBCH - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other equities analysts have also commented on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Turtle Beach in a research report on Friday, August 7th. Wall Street Zen raised shares of Turtle Beach from a "hold" rating to a "buy" rating in a report on Saturday, October 3rd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Turtle Beach has an average rating of "Hold" and a consensus price target of $16.80.

Turtle Beach Stock Performance

Shares of NASDAQ TBCH opened at $13.15 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.30 and a current ratio of 2.38. The firm has a market cap of $235.52 million, a price-to-earnings ratio of -62.62 and a beta of 2.36. The business's 50-day simple moving average is $12.73 and its 200-day simple moving average is $12.24. Turtle Beach has a 52 week low of $9.84 and a 52 week high of $17.39.

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

Insider Activity at Turtle Beach

In related news, major shareholder Dc Vga Llc sold 140,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $12.70, for a total value of $1,778,000.00. Following the completion of the sale, the insider owned 1,921,112 shares in the company, valued at approximately $24,398,122.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Turtle Beach

A number of institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd acquired a new position in Turtle Beach in the 2nd quarter valued at approximately $141,000. Hennessy Advisors Inc. bought a new stake in shares of Turtle Beach during the second quarter valued at approximately $150,000. AXQ Capital LP bought a new stake in shares of Turtle Beach during the second quarter valued at approximately $211,000. Globeflex Capital L P acquired a new position in shares of Turtle Beach in the second quarter valued at $596,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Turtle Beach in the second quarter valued at $741,000. 67.01% of the stock is owned by institutional investors and hedge funds.

About Turtle Beach

Turtle Beach Corporation is a gaming technology company that develops and sells hardware, accessories and software for console, PC and mobile gaming. Its product portfolio includes gaming headsets, controllers, keyboards, mice, microphones, webcams, audio accessories and other peripherals designed for gamers and content creators.

The company markets products under the Turtle Beach brand and has expanded its offerings through additional gaming brands, including ROCCAT and PDP. Its products are distributed through retailers, e-commerce platforms and direct-to-consumer channels in North America, Europe and other international markets.

Turtle Beach traces its roots to the development of computer audio products and has evolved into a broader gaming-accessories provider.

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