In a report released yesterday, Nehal Chokshi from Maxim Group reiterated a Buy rating on Turtle Beach Corp (HEAR), with a price target of $26. The company’s shares closed yesterday at $11.11, close to its 52-week low of $8.25.
Chokshi said:
“Recent retail store checks indicate de minimis discounting across all game console headset brands, indicative that channel inventory has likely normalized, in our view. Insider buys are a positive, further fortifying the positive signaling of recently announced share buyback plan. Brand leader in a secular growth market trading at 6x 2020E EPS is compelling; reiterating Buy rating & 12-month price target of $26.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 6.9% and a 51.7% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Currently, the analyst consensus on Turtle Beach Corp is a Strong Buy with an average price target of $24, an 116.0% upside from current levels. In a report issued on June 19, D.A. Davidson also reiterated a Buy rating on the stock with a $26 price target.
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The company has a one-year high of $34.50 and a one-year low of $8.25. Currently, Turtle Beach Corp has an average volume of 728.9K.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HEAR in relation to earlier this year.
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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.
