Turtle Beach (NASDAQ:TBCH) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of Turtle Beach (NASDAQ:TBCH) from a strong sell rating to a hold rating in a report published on Tuesday,Zacks reports.

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

Turtle Beach Trading Down 2.7%

NASDAQ:TBCH opened at $13.15 on Tuesday. Turtle Beach has a 12 month low of $9.84 and a 12 month high of $17.39. The company has a current ratio of 2.38, a quick ratio of 1.30 and a debt-to-equity ratio of 0.95. The firm’s 50 day moving average is $12.73 and its 200 day moving average is $12.24. The stock has a market capitalization of $235.52 million, a PE ratio of -62.62 and a beta of 2.36.

Turtle Beach (NASDAQ:TBCH) last announced its quarterly earnings data 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). Turtle Beach had a negative net margin of 1.07% and a negative return on equity of 2.26%. The firm had revenue of $56.37 million for the quarter. Sell-side analysts expect that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Activity

In other Turtle Beach news, major shareholder Dc Vga Llc sold 5,671 shares of the 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 sale, the insider owned 1,775,441 shares in the company, valued at $23,080,733. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Turtle Beach

Several hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd bought a new position in Turtle Beach in the 2nd quarter worth about $141,000. Hennessy Advisors Inc. bought a new stake in shares of Turtle Beach during the second quarter valued at about $150,000. AXQ Capital LP bought a new stake in shares of Turtle Beach during the second quarter valued at about $211,000. Globeflex Capital L P purchased a new stake in shares of Turtle Beach in the second quarter worth about $596,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Turtle Beach in the second quarter worth about $741,000. 67.01% of the stock is currently owned by hedge funds and other institutional investors.

Turtle Beach Company Profile

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.