Pinnacle Holdings LLC Acquires New Stake in Turtle Beach Corporation $TBCH

Pinnacle Holdings LLC acquired a new stake in shares of Turtle Beach Corporation (NASDAQ:TBCH) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 64,061 shares of the company’s stock, valued at approximately $798,000. Pinnacle Holdings LLC owned about 0.36% of Turtle Beach at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew its stake in shares of Turtle Beach by 87.2% in the third quarter. BNP Paribas Financial Markets now owns 2,988 shares of the company’s stock worth $48,000 after acquiring an additional 1,392 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Turtle Beach in the 2nd quarter worth about $76,000. New York State Common Retirement Fund bought a new position in Turtle Beach in the 2nd quarter worth about $81,000. JPMorgan Chase & Co. bought a new position in Turtle Beach in the 2nd quarter worth about $99,000. Finally, State of Wyoming bought a new position in Turtle Beach in the 2nd quarter worth about $120,000. 67.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Zacks Research lowered shares of Turtle Beach from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Craig Hallum reiterated a “buy” rating and issued a $15.00 target price on shares of Turtle Beach in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Turtle Beach from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Weiss Ratings reiterated 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 assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Turtle Beach presently has an average rating of “Hold” and an average target price of $16.80.

Turtle Beach Stock Performance

Shares of NASDAQ:TBCH opened at $12.66 on Monday. The company has a market cap of $226.74 million, a P/E ratio of -60.29 and a beta of 2.29. 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 Corporation has a 1 year low of $9.84 and a 1 year high of $17.39. The stock’s fifty day moving average price is $12.72 and its 200-day moving average price is $12.14.

Turtle Beach (NASDAQ:TBCH) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) 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 business had revenue of $56.37 million during the quarter. Sell-side analysts expect that Turtle Beach Corporation will post 0.68 earnings per share for the current year.

Insider Transactions at Turtle Beach

In other news, major shareholder Dc Vga Llc sold 5,671 shares of the business’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 completion of the transaction, the insider directly owned 1,775,441 shares of the company’s stock, valued at $23,080,733. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Katherine Lee Scherping sold 2,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $13.25, for a total transaction of $26,500.00. Following the transaction, the director owned 22,254 shares in the company, valued at approximately $294,865.50. This trade represents a 8.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 154,516 shares of company stock worth $1,967,892. Insiders own 3.40% 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.