The stock of Turtle Beach Corporation (NASDAQ:HEAR) is now priced at $19.23 and the shares are 0.89 points up or 4.85% higher compared to its previous closing price of $18.34. The stock had 1.068 million contracts set over the past session. HEAR shares’ daily volume is compared to its average trading volume at 0.795 million shares. However, it has a float of 13.43 million and although its performance was 3.83% over the week, it’s one to watch. Analysts have given the HEAR stock a yearly average price target of $19.2 per share. It means the stock’s downside potential is -0.16% with the HEAR share price recently placing at $18.24 to $19.485.
The shorts are climbing into the Turtle Beach Corporation stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the HEAR shares have risen. Short interest in the stock represents just 21.56% of its float, but the volume has raised by 38950. The volume of shorted shares rised to 2.896 million from 2.857 million shares over the last two weeks. The average intraday trading volume has been 784470 shares, which means that days to cover moved to roughly 3.691137.
In the last trading session, Turtle Beach Corporation (NASDAQ:HEAR) raised by $0.71 over the week and gained $3.31 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.49. The stock recorded its established 52-week high on 08/03/20.
Since 03/19/20, the stock has traded to a low of $4.05 at 374.81%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.88. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Turtle Beach Corporation’s two-week RSI is 70.11. This suggests that the stock is oversold at the moment and that HEAR shares’ price movement remains not stable. The stochastic readings are equally revealing at 81.34% meaning the HEAR share price is currently in oversold territory.
The technical chart shows that the HEAR stock will likely settle at between $19.73 and $20.23 per share. However, if the stock dips below $18.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $17.74.
Currently, the stock is trading in the green of MACD, with a reading of 0.32. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wedbush cut their recommendation for HEAR from Outperform to Neutral in April 29 review. Maxim Group analysts see the stock as a Buy, but they also dropped the share’s target price from $22 to $16 in a flash note released to investors on February 13. Maxim Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on August 09, placing it at $22 from $26.
The average rating for the HEAR equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Turtle Beach Corporation polled by Reuters, 1 rated HEAR as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the HEAR stock price is 34.34X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 27.5 below the group’s average of 32.2. Turtle Beach Corporation has its P/E ratio at 4.7, which means that the stock is currently trading at a discount relative to the 14.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Turtle Beach Corporation (NASDAQ:HEAR) will decrease by about -99.78%, which will see them reach $75.36 million. The company’s full-year revenues are, however, expected to increase by about 11.08%, up from $234.66 million to $260.65 million. HEAR’s expected adjusted earnings should drop almost -331.25% to end up at $0.37 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -21.88% to record $0.5/share.