Turtle Beach Corporation (HEAR) Issues Earnings Results, Beats Estimates By $0.04 EPS
Turtle Beach Corporation (NASDAQ:HEAR) issued its quarterly earnings data on Thursday. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.04, Bloomberg Earnings reports. The company had revenue of $35.98 million for the quarter, compared to the consensus estimate of $39.85 million.
Shares of Turtle Beach Corporation (NASDAQ HEAR) traded down $0.04 during trading on Friday, reaching $0.67. 397,993 shares of the company were exchanged, compared to its average volume of 184,040. The company has a current ratio of 1.14, a quick ratio of 0.49 and a debt-to-equity ratio of -0.75.
In related news, insider Frederick J. Romano sold 1,200,000 shares of Turtle Beach Corporation stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $0.73, for a total transaction of $876,000.00. Following the completion of the sale, the insider now owns 3,433,489 shares in the company, valued at approximately $2,506,446.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Frederick J. Romano sold 56,792 shares of Turtle Beach Corporation stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $0.80, for a total transaction of $45,433.60. Following the sale, the insider now owns 4,702,725 shares of the company’s stock, valued at approximately $3,762,180. The disclosure for this sale can be found here. Insiders have sold a total of 1,378,666 shares of company stock valued at $1,018,933 in the last quarter. 74.00% of the stock is currently owned by company insiders.
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A number of brokerages recently weighed in on HEAR. ValuEngine downgraded shares of Turtle Beach Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Zacks Investment Research downgraded shares of Turtle Beach Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Finally, B. Riley restated a “neutral” rating and set a $1.30 price objective on shares of Turtle Beach Corporation in a research report on Tuesday, July 18th.
Turtle Beach Corporation Company Profile
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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