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

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

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

Turtle Beach Price Performance

Shares of NASDAQ:TBCH opened at $11.84 on Tuesday. Turtle Beach has a 12 month low of $9.84 and a 12 month high of $17.39. The stock has a market cap of $212.05 million, a price-to-earnings ratio of -56.38 and a beta of 2.31. The stock’s 50 day moving average price is $12.64 and its 200 day moving average price is $12.20. 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 released its earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.08). The firm had revenue of $56.37 million during the quarter. Turtle Beach had a negative return on equity of 2.26% and a negative net margin of 1.07%. Equities research analysts anticipate that Turtle Beach will post 0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Turtle Beach news, major shareholder Dc Vga Llc sold 5,671 shares of Turtle Beach stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TBCH. California State Teachers Retirement System boosted its stake in shares of Turtle Beach by 200.4% during the 2nd quarter. California State Teachers Retirement System now owns 2,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,711 shares in the last quarter. BNP Paribas Financial Markets raised its position 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 purchasing an additional 1,392 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Turtle Beach during the second quarter valued at $76,000. New York State Common Retirement Fund purchased a new stake in shares of Turtle Beach during the second quarter valued at $81,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Turtle Beach during the second quarter valued at $99,000. Institutional investors own 67.01% of the company’s stock.

Turtle Beach Company Profile

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.