Parametric Sound Corp. (HEAR) Upgraded to “Buy” by Zacks Investment Research
Parametric Sound Corp. (NASDAQ:HEAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $1.25 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 2.46% from the stock’s current price.
According to Zacks, “Turtle Beach Corporation is an audio technology company. It designs audio products for consumer, commercial and healthcare markets. The company markets premium headsets for use with personal computers, mobile devices and video game consoles under the brand Turtle Beach (TurtleBeach.com). Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. Turtle Beach Corporation, formerly known as Parametric Sound Corporation, is based in Valhalla, New York. “
Separately, B. Riley reiterated a “buy” rating and set a $2.00 price objective on shares of Parametric Sound Corp. in a report on Thursday, September 22nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Parametric Sound Corp. has an average rating of “Buy” and a consensus price target of $2.36.
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Shares of Parametric Sound Corp. (NASDAQ:HEAR) traded down 4.69% during trading on Tuesday, reaching $1.22. The company’s stock had a trading volume of 194,887 shares. Parametric Sound Corp. has a 52 week low of $0.83 and a 52 week high of $3.72. The company’s market cap is $60.06 million. The stock’s 50 day moving average price is $1.15 and its 200 day moving average price is $1.06.
Parametric Sound Corp. (NASDAQ:HEAR) last posted its earnings results on Tuesday, August 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.01. The company earned $29.40 million during the quarter, compared to analyst estimates of $24.94 million. Parametric Sound Corp. had a negative return on equity of 65.64% and a negative net margin of 67.31%. Equities research analysts predict that Parametric Sound Corp. will post ($0.45) EPS for the current year.
In other Parametric Sound Corp. news, insider Carmine J. Bonanno sold 330,839 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $0.93, for a total value of $307,680.27. Following the sale, the insider now owns 4,341,621 shares in the company, valued at approximately $4,037,707.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frederick J. Romano sold 144,000 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $1.33, for a total value of $191,520.00. Following the completion of the sale, the insider now owns 4,819,000 shares in the company, valued at approximately $6,409,270. The disclosure for this sale can be found here. 74.00% of the stock is owned by company insiders.
An institutional investor recently raised its position in Parametric Sound Corp. stock. Spark Investment Management LLC raised its position in Parametric Sound Corp. (NASDAQ:HEAR) by 72.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,700 shares of the company’s stock after buying an additional 83,400 shares during the period. Spark Investment Management LLC owned about 0.47% of Parametric Sound Corp. worth $226,000 as of its most recent filing with the SEC. 8.05% of the stock is owned by institutional investors.
About Parametric Sound Corp.
Turtle Beach Corporation is an audio technology company. The Company is engaged in developing, commercializing and marketing products under the Turtle Beach and HyperSound brands. The Company operates through two segments: Voyetra Turtle Beach (Headset) and HyperSound. Turtle Beach is a provider of headset solutions for use across multiple platforms, including video game and entertainment consoles, handheld consoles, personal computers, tablets and mobile devices.
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