In a recent transaction, Lloyd Gregory Ballard, a director of Turtle Beach Corp (NASDAQ:HEAR), sold 5,042 shares of the company's common stock, resulting in a total sale value of approximately $83,344. The shares were sold at a weighted average price of $16.53, with individual sales prices ranging from $16.47 to $16.65.
This transaction was disclosed in a filing with the Securities and Exchange Commission, which detailed the sale that took place on May 31, 2024. The filing also noted that Ballard continues to hold 40,665 shares of Turtle Beach Corp directly, and an additional 2,000 shares are held indirectly by his spouse.
Moreover, the disclosure included information about Ballard's derivative securities in the form of stock options. These options, exercisable as of the transaction date, allow Ballard the right to buy additional shares of Turtle Beach Corp at prices ranging from $3.12 to $12.1. The options are set to expire on various dates between 2027 and 2030.
Investors and stakeholders often monitor insider transactions as they can provide insights into an executive's perspective on the company's current valuation and future prospects. Ballard's recent stock sale and the details of his remaining holdings in Turtle Beach Corp are now fully available for public record.
InvestingPro Insights
Amidst the recent insider transaction involving Lloyd Gregory Ballard, a director of Turtle Beach Corp (NASDAQ:HEAR), the company's financial and market performance metrics provide a broader context for investors. Turtle Beach's market capitalization stands at $346.09 million, reflecting its position within the industry. Despite a negative P/E ratio of -26.4, indicating that the company has not been profitable over the last twelve months, analysts are optimistic about Turtle Beach's future. They expect a turnaround with anticipated net income and sales growth this year.
Analyzing the company's stock price movements, which have been quite volatile, there has been a significant return of 46.33% over the last three months. This is in line with the 39.86% uptick experienced over the last six months and a robust year-to-date total return of 47.4%. These figures suggest a strong short-term performance for Turtle Beach's shares, which currently trade at 87.48% of their 52-week high.
For those seeking a deeper dive into Turtle Beach Corp's financial health and future performance, PRONEWS24 can be used to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which offers access to a total of 10 InvestingPro Tips. These tips include insights such as the company's ability to cover short term obligations with its liquid assets and predictions on profitability in the current year.
Investors looking for long-term gains may note that Turtle Beach does not pay a dividend, which could influence the investment strategy for income-focused portfolios. Nevertheless, the company's recent revenue growth of 7.18% over the last twelve months and a gross profit margin of 30.15% indicate a solid operational performance.
With the next earnings date set for August 8, 2024, stakeholders will be keen to see if Turtle Beach can maintain its positive momentum and fulfill analyst expectations for growth. In the meantime, the InvestingPro platform provides a fair value estimate of $17.28 for Turtle Beach, offering a reference point for investors gauging the stock's current price against its potential value.
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