Today’s big question for investors is, “what’s going on with Turtle Beach Corporation (NASDAQ:HEAR) stock? Its price is nose-diving -0.47 points, trading at $8.55 levels, and is down -5.21% from its previous close of $9.02. The shares seem to have an active trading volume day with a reported 342754 contracts so far this session. HEAR shares had a relatively better volume day versus average trading capacity of 948.03 thousand shares, but with a 12.42 million float and a -3.22% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for HEAR stock indicates that the average analyst price target is $23.2 per share. This means the stock has a potential increase of 171.35% from where the HEAR share price has been trading recently which is between $8.8119 and $9.23. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $20.
The shorts are running away from Turtle Beach Corporation (HEAR) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in HEAR shares. While short interest still represents only 52.96% of HEAR’s float, the number of shares shorted have fallen by -79097. The number of shares shorted fell to 6575098 shares, down from 6654195 shares during the preceding fortnight. With average daily trading volumes at 619403 shares, days to cover increased to about 8.915853 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Turtle Beach Continues Partnership With Ali-A, The ‘Most-Watched’ Gamer On YouTube” and dated May 23, 2019.
Looking at the current readings for Turtle Beach Corporation, the two-week RSI stands at 31.09. This figure suggests that HEAR stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current HEAR readings is similarly very revealing as it has a stochastic reading of 5.25% at this stage. This figure means that HEAR share price today is being overbought.
Technical chart claims that Turtle Beach Corporation (HEAR) would settle between $9.23/share to $9.44/share level. However, if the stock price goes below the $8.81 mark, then the market for Turtle Beach Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $8.6 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.4. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Maxim Group lifted target price for shares of HEAR but were stick to Buy recommendation for the stock in their opinion released on March 15. The price target has been raised from $28 to $26. Maxim Group, analysts launched coverage of Turtle Beach Corporation (NASDAQ:HEAR) stock with a Buy recommendation, according to their flash note issued to investors on November 05. Analysts at Lake Street are sticking to their Buy stance. However, on August 07, they lifted price target for these shares to $40 from $15.
HEAR equity has an average rating of 1.4, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Turtle Beach Corporation (NASDAQ:HEAR) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, HEAR stock price is currently trading at 7.49X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.26 while for the average stock in the same group, the multiple is 0.57.
Turtle Beach Corporation (HEAR)’s current-quarter revenues are projected to climb by nearly -29.86% to hit $42.66 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -14.37% from $287440 to a noteworthy $246120. At the other end of the current quarter income statement, Turtle Beach Corporation is expected to see its adjusted earnings surge by roughly -142.5% to hit $-0.17 per share. For the fiscal year, HEAR’s earnings are projected to climb by roughly -63.28% to hit $1.12 per share.