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

Key Points

• Wall Street Zen downgraded Turtle Beach from “Buy” to “Hold.” The broader analyst consensus is also “Hold,” with an average price target of $16.80, though ratings range from “Strong Sell” to “Buy.”
• Turtle Beach reported a quarterly loss of $0.38 per share, missing the $0.30-loss consensus estimate, on revenue of $56.37 million.
• The stock was trading at $12.66, up 4.4%, while insiders sold approximately 154,516 shares worth $1.97 million over the past 90 days.

Turtle Beach (NASDAQ:TBCH - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday.

TBCH has been the topic of several other reports. Zacks Research cut Turtle Beach from a "hold" rating to a "strong sell" rating in a research note on Friday, August 7th. Craig Hallum reaffirmed a "buy" rating and set a $15.00 price target on shares of Turtle Beach in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Turtle Beach in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Turtle Beach has a consensus rating of "Hold" and an average price target of $16.80.

Turtle Beach Trading Up 4.4%

NASDAQ:TBCH opened at $12.66 on Friday. The firm has a market capitalization of $226.74 million, a P/E ratio of -60.29 and a beta of 2.29. 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 company has a fifty day moving average of $12.72 and a 200 day moving average of $12.14. 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 announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 predict that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Activity

In other news, major shareholder Dc Vga Llc sold 5,671 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $13.00, for a total value of $73,723.00. Following the completion of the sale, the insider directly owned 1,775,441 shares of the company's stock, valued at approximately $23,080,733. This trade represents a 0.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Katherine Lee Scherping sold 2,000 shares of Turtle Beach stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $13.25, for a total transaction of $26,500.00. Following the sale, the director directly owned 22,254 shares in the company, valued at $294,865.50. The trade was a 8.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 154,516 shares of company stock valued at $1,967,892. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Turtle Beach

Large investors have recently bought and sold shares of the company. Windward Management LP bought a new position in shares of Turtle Beach in the 4th quarter worth approximately $24,073,000. Goldman Sachs Group Inc. boosted its position in shares of Turtle Beach by 328.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 596,508 shares of the company's stock valued at $8,369,000 after purchasing an additional 457,125 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Turtle Beach during the second quarter valued at approximately $6,930,000. Dimensional Fund Advisors LP grew its stake in Turtle Beach by 26.1% in the first quarter. Dimensional Fund Advisors LP now owns 437,882 shares of the company's stock worth $4,440,000 after purchasing an additional 90,677 shares during the period. Finally, Geode Capital Management LLC purchased a new stake in Turtle Beach in the second quarter worth $5,438,000. 67.01% of the stock is owned by institutional investors.

About Turtle Beach

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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