Turtle Beach (NASDAQ:TBCH) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Turtle Beach (NASDAQ:TBCH) from a hold rating to a buy rating in a report published on Saturday,Wall Street Zen reports.

Several other equities analysts have also weighed in on TBCH. Weiss Ratings reissued a “sell (d)” rating on shares of Turtle Beach in a report on Friday, August 7th. Zacks Research lowered Turtle Beach from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.80.

Turtle Beach Stock Performance

Shares of TBCH stock opened at $13.99 on Friday. The firm has a market cap of $250.56 million, a price-to-earnings ratio of -66.62 and a beta of 2.36. 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 has a 52 week low of $9.84 and a 52 week high of $17.39. The firm’s 50-day simple moving average is $12.67 and its two-hundred day simple moving average is $12.20.

Turtle Beach (NASDAQ:TBCH) last issued its quarterly 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). The company had revenue of $56.37 million for the quarter. Turtle Beach had a negative return on equity of 2.26% and a negative net margin of 1.07%. As a group, equities analysts forecast that Turtle Beach will post 0.68 earnings per share for the current year.

Insider Activity

In related news, major shareholder Dc Vga Llc sold 5,671 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $13.00, for a total transaction of $73,723.00. Following the sale, the insider directly owned 1,775,441 shares in the company, valued at approximately $23,080,733. This represents a 0.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TBCH. Dimensional Fund Advisors LP lifted its holdings in shares of Turtle Beach by 26.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 437,882 shares of the company’s stock worth $4,440,000 after acquiring an additional 90,677 shares during the last quarter. Pinnacle Holdings LLC bought a new position in Turtle Beach in the second quarter valued at $798,000. Bank of New York Mellon Corp bought a new position in Turtle Beach in the second quarter valued at $741,000. Globeflex Capital L P purchased a new stake in Turtle Beach during the second quarter valued at about $596,000. Finally, North Star Investment Management Corp. raised its position in Turtle Beach by 20.4% during the first quarter. North Star Investment Management Corp. now owns 207,144 shares of the company’s stock valued at $2,100,000 after purchasing an additional 35,144 shares in the last quarter. 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 accessories company that develops, markets and distributes products for console, PC and mobile gaming. Its portfolio includes gaming headsets, controllers, keyboards, mice, microphones, racing wheels and other gaming peripherals designed to support interactive entertainment and esports.

The company sells products under the Turtle Beach brand and, following its acquisition of Performance Designed Products, also offers products associated with brands such as PDP and its licensed gaming accessories portfolio.