Turtle Beach Corporation (NASDAQ:TBCH) Director William Z. Wyatt Acquires 693,962 Shares

Key Points

• William Z. Wyatt, a director of Turtle Beach Corporation, purchased 693,962 shares at an average price of $14.41, totaling approximately $10 million, significantly increasing his ownership stake.
• Turtle Beach's stock rose 1.7% to $15.87, and the company has a market capitalization of $314.38 million with a current ratio of 1.83.
• The company reported a net margin of 5.53% for the last quarter, with earnings per share exceeding estimates, but revenue slightly underperformed analyst projections.

Turtle Beach Corporation (NASDAQ:TBCH - Get Free Report) Director William Z. Wyatt purchased 693,962 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average cost of $14.41 per share, with a total value of $9,999,992.42. Following the completion of the purchase, the director owned 693,962 shares of the company's stock, valued at $9,999,992.42. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Turtle Beach Stock Up 1.7%

TBCH traded up $0.26 during trading hours on Monday, hitting $15.87. 216,180 shares of the company's stock were exchanged, compared to its average volume of 282,018. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.81 and a current ratio of 1.83. The firm has a 50-day moving average price of $14.07. Turtle Beach Corporation has a 1-year low of $8.78 and a 1-year high of $19.50. The company has a market capitalization of $314.38 million, a PE ratio of 16.88, a price-to-earnings-growth ratio of 0.88 and a beta of 1.96.

Turtle Beach (NASDAQ:TBCH - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.13. Turtle Beach had a net margin of 5.53% and a return on equity of 18.23%. The firm had revenue of $56.78 million for the quarter, compared to analyst estimates of $57.23 million. On average, equities research analysts anticipate that Turtle Beach Corporation will post 1.17 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on TBCH shares. Oppenheimer reaffirmed an "outperform" rating and issued a $19.00 target price on shares of Turtle Beach in a research note on Friday, August 8th. Craig Hallum reduced their price target on shares of Turtle Beach from $23.00 to $16.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Wedbush reiterated a "neutral" rating and issued a $13.50 price target (up previously from $12.00) on shares of Turtle Beach in a report on Monday, August 4th.

Hedge Funds Weigh In On Turtle Beach

Large investors have recently modified their holdings of the stock. Signaturefd LLC bought a new position in shares of Turtle Beach in the second quarter valued at about $41,000. AlphaQuest LLC bought a new position in shares of Turtle Beach in the second quarter valued at about $52,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Turtle Beach in the second quarter valued at about $55,000. CWM LLC bought a new position in shares of Turtle Beach in the second quarter valued at about $65,000. Finally, Lazard Asset Management LLC bought a new position in shares of Turtle Beach in the second quarter valued at about $76,000. 67.01% of the stock is owned by institutional investors.

Turtle Beach Company Profile

Turtle Beach Corporation operates as an audio technology company. It develops, commercializes, and markets gaming headset solutions for various platforms, including video game and entertainment consoles, personal computers, handheld consoles, tablets, and mobile devices under the Turtle Beach brand. The company also offers gaming headsets, keyboards, mice, mousepads, and other accessories for the personal computer peripherals market under the brand of ROCCAT, as well as digital USB and analog microphones under the Neat Microphones brand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.