Turtle Beach (HEAR) Stock Sinks As Market Gains: What You Should Know
Turtle Beach (HEAR) closed at $29.43 in the latest trading session, marking a -0.88% move from the prior day. This move lagged the S&P 500's daily gain of 0.39%. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 0.57%.
Heading into today, shares of the audio technology company had gained 42.53% over the past month, outpacing the Computer and Technology sector's gain of 9.84% and the S&P 500's gain of 4.69% in that time.
Wall Street will be looking for positivity from HEAR as it approaches its next earnings report date. The company is expected to report EPS of $0.58, down 30.12% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $106.53 million, up 4.69% from the year-ago period.
Any recent changes to analyst estimates for HEAR should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. HEAR currently has a Zacks Rank of #3 (Hold).
Investors should also note HEAR's current valuation metrics, including its Forward P/E ratio of 18.79. This valuation marks a discount compared to its industry's average Forward P/E of 22.89.
The Communication - Components industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 99, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow HEAR in the coming trading sessions, be sure to utilize Zacks.com.
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Turtle Beach Corporation (HEAR) : Free Stock Analysis Report
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