Bank of America Corp DE Trims Position in Turtle Beach Corporation $TBCH

Key Points

• Bank of America cut its Turtle Beach stake by 71.7% in the first quarter, selling 133,533 shares and retaining 52,705 shares worth approximately $534,000. Institutional investors collectively own 67.01% of the company.
• Analyst sentiment is mixed but leans cautious: Turtle Beach has a consensus “Hold” rating and an average price target of $16.80, while recent coverage included downgrades to “Hold” and “Strong Sell.”
• Turtle Beach reported quarterly EPS of -$0.38, missing estimates by $0.08, on revenue of $56.37 million. The stock opened at $12.30, compared with a 52-week range of $9.84 to $17.39.

Bank of America Corp DE cut its holdings in shares of Turtle Beach Corporation (NASDAQ:TBCH - Free Report) by 71.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 52,705 shares of the company's stock after selling 133,533 shares during the period. Bank of America Corp DE owned 0.27% of Turtle Beach worth $534,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in shares of Turtle Beach by 87.2% during the 3rd 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 bought a new position in shares of Turtle Beach in the 2nd quarter worth approximately $76,000. New York State Common Retirement Fund bought a new position in shares of Turtle Beach in the 2nd quarter worth approximately $81,000. JPMorgan Chase & Co. purchased a new position in shares of Turtle Beach in the 2nd quarter valued at approximately $99,000. Finally, State of Wyoming purchased a new position in shares of Turtle Beach in the 2nd quarter valued at approximately $120,000. Institutional investors own 67.01% of the company's stock.

Insider Activity at Turtle Beach

In other news, major shareholder Dc Vga Llc sold 5,671 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $13.00, for a total transaction of $73,723.00. Following the completion of the transaction, the insider directly owned 1,775,441 shares in the company, valued at $23,080,733. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Turtle Beach in a research note on Friday, August 7th. Wall Street Zen lowered Turtle Beach from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Zacks Research cut shares of Turtle Beach from a "hold" rating to a "strong sell" rating in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $16.80.

Turtle Beach Price Performance

TBCH stock opened at $12.30 on Wednesday. The firm has a 50 day moving average price of $12.67 and a 200-day moving average price of $12.20. Turtle Beach Corporation has a 52-week low of $9.84 and a 52-week high of $17.39. The firm has a market capitalization of $220.29 million, a price-to-earnings ratio of -58.57 and a beta of 2.31. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.30 and a current ratio of 2.38.

Turtle Beach (NASDAQ:TBCH - Get Free Report) last posted its quarterly 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%. Equities research analysts forecast that Turtle Beach Corporation will post 0.68 EPS for the current fiscal year.

Turtle Beach 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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