Zacks Research Upgrades Turtle Beach (NASDAQ:TBCH) to “Hold”

Turtle Beach (NASDAQ:TBCH) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

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

Turtle Beach Trading Down 2.7%

Turtle Beach stock opened at $13.15 on Tuesday. The firm has a 50 day moving average of $12.73 and a 200 day moving average of $12.24. The firm has a market capitalization of $235.52 million, a price-to-earnings ratio of -62.62 and a beta of 2.36. 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.

Turtle Beach (NASDAQ:TBCH) last released its earnings results on Thursday, August 6th. The company reported ($0.38) 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 for the quarter. As a group, research analysts predict that Turtle Beach will post 0.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Dc Vga Llc sold 5,671 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $13.00, for a total value of $73,723.00. Following the sale, the insider owned 1,775,441 shares in the company, valued at approximately $23,080,733. The trade was a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Turtle Beach

Several institutional investors have recently bought and sold shares of TBCH. WINTON GROUP Ltd bought a new stake in shares of Turtle Beach in the 2nd quarter worth about $141,000. AXQ Capital LP purchased a new stake in shares of Turtle Beach during the 2nd quarter valued at about $211,000. Hennessy Advisors Inc. bought a new position in shares of Turtle Beach in the 2nd quarter valued at about $150,000. Pinnacle Holdings LLC bought a new position in shares of Turtle Beach in the 2nd quarter valued at about $798,000. Finally, Globeflex Capital L P purchased a new position in Turtle Beach in the second quarter worth about $596,000. Institutional investors own 67.01% of the company’s stock.

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.