Oppenheimer Maintains Their Buy Rating on Turtle Beach Corp (HEAR)

By Ryan Adsit

In a report released today, Andrew Uerkwitz from Oppenheimer maintained a Buy rating on Turtle Beach Corp (HEARResearch Report), with a price target of $24. The company’s shares opened today at $17.35.

Uerkwitz wrote:

“This morning Turtle Beach pre-announced better than expected numbers for 4Q18 —revenue of $109-111M vs. prior guidance of $94M and adjusted EBITDA of approximately $23-25M vs. prior guidance of $21M. Continued share gain was cited as the primary driver of the better than expected sales. We believe the popularity of Battle Royale video games remains a tailwind for Turtle Beach due to their inherent requirement for team-based communication. Turtle Beach benefits as a result given its wide distribution, attractive value/price, and strong brand recognition.”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.7% and a 57.0% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Himax Technologies, Universal Display, and Electronic Arts.

Currently, the analyst consensus on Turtle Beach Corp is a Moderate Buy with an average price target of $29.

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The company has a one-year high of $34.50 and a one-year low of $1.64. Currently, Turtle Beach Corp has an average volume of 880.6K.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock.

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Turtle Beach Corp. engages in the development, commercialization, and marketing of innovative products. It operates through the Headset, and HyperSound segments.