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

Turtle Beach (NASDAQ:TBCH) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings restated a “sell (d)” rating on shares of Turtle Beach in a report on Friday, August 7th. Craig Hallum restated a “buy” rating and set a $15.00 price target on shares of Turtle Beach in a research note on Friday, May 8th. Finally, Zacks Research lowered shares of Turtle Beach from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.80.

Turtle Beach Stock Performance

Turtle Beach stock opened at $12.59 on Friday. The business has a 50 day moving average of $12.71 and a 200-day moving average of $12.14. The company has a market capitalization of $225.49 million, a P/E ratio of -59.95 and a beta of 2.29. Turtle Beach has a 1 year low of $9.84 and a 1 year high of $17.39. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.38 and a quick ratio of 1.30.

Turtle Beach (NASDAQ:TBCH) last posted its quarterly earnings data 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 company had revenue of $56.37 million during the quarter. On average, equities research analysts predict that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Activity at Turtle Beach

In other Turtle Beach news, Director Katherine Lee Scherping sold 6,845 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.10, for a total transaction of $89,669.50. Following the sale, the director owned 24,254 shares in the company, valued at $317,727.40. This represents a 22.01% 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, major shareholder Dc Vga Llc sold 140,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $12.70, for a total value of $1,778,000.00. Following the completion of the transaction, the insider owned 1,921,112 shares of the company’s stock, valued at approximately $24,398,122.40. This represents a 6.79% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 154,516 shares of company stock worth $1,967,892. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Turtle Beach

Large investors have recently added to or reduced their stakes in the business. Windward Management LP bought a new stake in shares of Turtle Beach during the 4th quarter valued at about $24,073,000. Bank of America Corp DE bought a new position in shares of Turtle Beach in the second quarter worth approximately $6,930,000. Goldman Sachs Group Inc. raised its stake in Turtle Beach by 328.0% in 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. Geode Capital Management LLC bought a new stake in Turtle Beach during the second quarter valued at approximately $5,438,000. Finally, Franklin Resources Inc. grew its stake in Turtle Beach by 1,338.6% in the 4th quarter. Franklin Resources Inc. now owns 283,780 shares of the company’s stock worth $3,981,000 after buying an additional 264,054 shares in the last quarter. Institutional investors own 67.01% of the company’s stock.

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.