Stock Traders Buy Large Volume of Call Options on Turtle Beach (NASDAQ:TBCH)

Turtle Beach Corporation (NASDAQ:TBCH) was the recipient of unusually large options trading activity on Monday. Stock traders bought 12,009 call options on the stock. This is an increase of approximately 1,534% compared to the average volume of 735 call options.

Analysts Set New Price Targets

Several research firms have commented on TBCH. Weiss Ratings reissued a “sell (d)” rating on shares of Turtle Beach in a report on Friday, August 7th. Zacks Research raised Turtle Beach from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, Wall Street Zen raised Turtle Beach from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Turtle Beach has a consensus rating of “Hold” and an average price target of $16.80.

Insider Activity at Turtle Beach

In related news, major shareholder Dc Vga Llc sold 140,000 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $12.70, for a total transaction of $1,778,000.00. Following the completion of the transaction, the insider owned 1,921,112 shares in the company, valued at approximately $24,398,122.40. This represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Turtle Beach

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in shares of Turtle Beach by 26.1% during the first quarter. Dimensional Fund Advisors LP now owns 437,882 shares of the company’s stock valued at $4,440,000 after purchasing an additional 90,677 shares during the period. North Star Investment Management Corp. increased its stake in Turtle Beach by 20.4% in the 1st quarter. North Star Investment Management Corp. now owns 207,144 shares of the company’s stock worth $2,100,000 after buying an additional 35,144 shares during the period. Pullen Investment Management LLC increased its stake in Turtle Beach by 10.8% in the 1st quarter. Pullen Investment Management LLC now owns 158,866 shares of the company’s stock worth $1,611,000 after buying an additional 15,529 shares during the period. Pinnacle Holdings LLC purchased a new position in Turtle Beach in the 2nd quarter worth about $798,000. Finally, Bank of New York Mellon Corp bought a new stake in Turtle Beach during the 2nd quarter valued at about $741,000. Hedge funds and other institutional investors own 67.01% of the company’s stock.

Turtle Beach Trading Up 1.6%

Shares of NASDAQ:TBCH traded up $0.21 during trading hours on Monday, hitting $13.45. 600,941 shares of the company’s stock traded hands, compared to its average volume of 310,665. Turtle Beach has a 1 year low of $9.84 and a 1 year high of $17.39. The business has a fifty day moving average price of $12.76 and a 200-day moving average price of $12.26. The firm has a market capitalization of $240.82 million, a P/E ratio of -63.93 and a beta of 2.36. 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 issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share 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. Equities analysts expect that Turtle Beach will post 0.68 earnings per share for the current year.

About Turtle Beach

Turtle Beach Corporation is a gaming technology company that develops and sells hardware, accessories and software for console, PC and mobile gaming. Its product portfolio includes gaming headsets, controllers, keyboards, mice, microphones, webcams, audio accessories and other peripherals designed for gamers and content creators.

The company markets products under the Turtle Beach brand and has expanded its offerings through additional gaming brands, including ROCCAT and PDP. Its products are distributed through retailers, e-commerce platforms and direct-to-consumer channels in North America, Europe and other international markets.

Turtle Beach traces its roots to the development of computer audio products and has evolved into a broader gaming-accessories provider.