Turtle Beach (NASDAQ:TBCH) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Turtle Beach (NASDAQ:TBCH) from a buy rating to a hold rating in a report released on Sunday morning.

A number of other brokerages also recently issued reports on TBCH. Weiss Ratings reiterated a “sell (d)” rating on shares of Turtle Beach in a research note on Friday, August 7th. Craig Hallum restated a “buy” rating and issued a $15.00 target price on shares of Turtle Beach in a research report on Friday, May 8th. Finally, Zacks Research downgraded shares of Turtle Beach from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Four investment 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $16.80.

Turtle Beach Stock Performance

TBCH stock opened at $12.66 on Friday. Turtle Beach has a 52 week low of $9.84 and a 52 week high of $17.39. The company has a market capitalization of $226.74 million, a PE ratio of -60.29 and a beta of 2.29. The company’s 50-day simple moving average is $12.72 and its 200 day simple moving average is $12.14. 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) last released its earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $56.37 million for the quarter. As a group, sell-side analysts anticipate that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Buying and Selling at Turtle Beach

In other Turtle Beach news, major shareholder Dc Vga Llc sold 5,671 shares of Turtle Beach stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $13.00, for a total value of $73,723.00. Following the transaction, the insider owned 1,775,441 shares in the company, valued at $23,080,733. The trade was 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. Also, Director Katherine Lee Scherping sold 2,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $13.25, for a total value of $26,500.00. Following the transaction, the director directly owned 22,254 shares of the company’s stock, valued at approximately $294,865.50. The trade was a 8.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 154,516 shares of company stock valued at $1,967,892. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Turtle Beach

Hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG lifted its stake in Turtle Beach by 8.4% in the 4th quarter. Deutsche Bank AG now owns 11,592 shares of the company’s stock valued at $163,000 after purchasing an additional 898 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Turtle Beach by 87.2% during the third quarter. BNP Paribas Financial Markets now owns 2,988 shares of the company’s stock worth $48,000 after buying an additional 1,392 shares in the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Turtle Beach by 9.4% during the fourth quarter. State of Wisconsin Investment Board now owns 24,908 shares of the company’s stock worth $349,000 after buying an additional 2,132 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Turtle Beach by 13.4% in the 3rd quarter. Franklin Resources Inc. now owns 19,726 shares of the company’s stock valued at $314,000 after acquiring an additional 2,335 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Turtle Beach by 21.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,536 shares of the company’s stock valued at $215,000 after acquiring an additional 2,408 shares during the last quarter. 67.01% of the stock is currently owned by institutional investors and hedge funds.

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.