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 research report issued to clients and investors on Tuesday. The brokerage presently has a $1.25 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 2.46% from the company’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 issued a $2.00 price objective on shares of Parametric Sound Corp. in a research report on Monday, August 15th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s 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 midday trading on Tuesday, hitting $1.22. 194,887 shares of the stock were exchanged. Parametric Sound Corp. has a 12-month low of $0.83 and a 12-month high of $3.72. The firm has a 50-day moving average price of $1.15 and a 200-day moving average price of $1.06. The company’s market cap is $60.06 million.
Parametric Sound Corp. (NASDAQ:HEAR) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.01. Parametric Sound Corp. had a negative net margin of 67.31% and a negative return on equity of 65.64%. The business earned $29.40 million during the quarter, compared to analyst estimates of $24.94 million. On average, equities analysts predict that Parametric Sound Corp. will post ($0.45) EPS for the current year.
In other Parametric Sound Corp. news, insider Frederick J. Romano sold 255,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $1.07, for a total transaction of $272,850.00. Following the sale, the insider now directly owns 5,302,315 shares in the company, valued at approximately $5,673,477.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Frederick J. Romano sold 144,000 shares of the business’s stock in a transaction dated Monday, September 26th. The stock was sold at an average price of $1.33, for a total transaction of $191,520.00. Following the sale, the insider now owns 4,819,000 shares in the company, valued at $6,409,270. The disclosure for this sale can be found here. Company insiders own 74.00% of the company’s stock.
A hedge fund recently raised its stake in Parametric Sound Corp. stock. Spark Investment Management LLC increased its position in Parametric Sound Corp. (NASDAQ:HEAR) by 72.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter. Hedge funds and other institutional investors own 8.05% of the company’s stock.
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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