After Lake Street and Wedbush gave Turtle Beach (NASDAQ: HEAR) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jack Vander Aarde reiterated a Buy rating on Turtle Beach yesterday and set a price target of $40.00. The company’s shares closed last Friday at $21.20, close to its 52-week low of $19.62.
According to TipRanks.com, Aarde is a top 100 analyst with an average return of 66.8% and a 48.3% success rate. Aarde covers the Technology sector, focusing on stocks such as Summit Wireless Technologies, BIO-key International, and Super League Gaming.
Currently, the analyst consensus on Turtle Beach is a Strong Buy with an average price target of $33.60, implying a 50.8% upside from current levels. In a report issued on January 6, Wedbush also maintained a Buy rating on the stock with a $27.00 price target.
Based on Turtle Beach’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $85.31 million and net profit of $2.62 million. In comparison, last year the company earned revenue of $112 million and had a net profit of $17.79 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HEAR in relation to earlier this year. Most recently, in November 2021, John T. Hanson, the CFO, Treas & Sec of HEAR sold 87,446 shares for a total of $2,393,239.
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Turtle Beach Corp. engages in the development, commercialization, and marketing of audio peripherals. It operates through the Headset and HyperSound business segments. The Headset segment offers gaming headset solutions for video game and entertainment consoles, personal computers, and mobile and tablet devices. The HyperSound segment refers to a patent-protected sound technology that delivers immersive, directional audio with applications in digital signage and kiosks, consumer electronics, and hearing healthcare. The company was founded by Elwood G. Norris and James A. Barnes in 1975 and is headquartered in San Diego, CA.
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