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HEAR looking really good today.....earnings are November 6th and Ameritrade says there’s a 74% short interest ??
Sign me up !!
HEAR HEAR! New price target- $42 (article posted on TD Ameritrade today)
Realfast, while this board has been relatively dead, several of us have been discussing HEAR since Aug-Sept. over at the SavvyTrades ihub board.
Great pre-lim earnings results!
can you $HEAR me now? Halt released. Now up bigly.
SAN DIEGO, Oct. 11, 2018 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming headset and audio accessory company, is providing selected preliminary results for the third quarter ended September 30, 2018.
Based on preliminary unaudited information, Turtle Beach expects to report third quarter 2018 net revenue ranging between $73 and $74 million (prior guidance of approximately $65 million), up 103%-106% compared to $36.0 million in the third quarter of 2017.
Net income in the third quarter of 2018 is expected to range between $0.74 and $0.78 per share (prior guidance of approximately $0.44 per share), an improvement over the $(0.04) per share reported in the third quarter of 2017. This assumes 16.2 million weighted average shares outstanding during the third quarter. Actual EPS could be higher by as much as $0.10 depending upon final determination of certain tax treatments for the quarter.
The Company expects adjusted EBITDA in the third quarter of 2018 to be approximately $17 million (prior guidance of approximately $11 million), more than five-fold the $3.3 million reported in the third quarter of 2017.
The Company plans to update its fourth quarter and full year outlook on the third quarter 2018 earnings call but expects the full year outlook to increase by at least the amount by which the third quarter revenue and adjusted EBITDA exceeded the Company's prior guidance.
"The momentum we built in the first half of the year continued through the third quarter, further extending our record financial results," said Juergen Stark, CEO, Turtle Beach Corporation. "The strong increase in demand for gaming headsets that occurred with the rise of the 'battle royale' genre has continued, drawing new gamers into the market, leading veteran gamers to upgrade their gear, and increasing the overall usage rate and installed base of gaming headsets. Exciting launches such as Call of Duty: Black Ops 4 and Red Dead Redemption 2, coming this month, should provide another set of high headset usage games.
"And given the fact that our surveys show gamers, on average, replace their headsets every 20 to 24 months, which we believe was driving the majority of the core headset market prior to the battle royale phenomenon, we anticipate that the increase in gaming headset users will be reflected in the market size going forward. We also expect to have once-again outpaced the overall market based on increased year-over-year share in Q3, further adding to our revenue and profit.
"Our product portfolio of great headsets for every level of gamer continues to perform well across the board. According to NPD, year-to-date through August, Turtle Beach sold more console video gaming headsets than any other competitor in any other calendar year since 2006. We expect our strong results to enable us to further reduce debt over time and fuel various long-term growth investments, which we will address on our upcoming third quarter call."
I did buy the fear, got a bunch of shares at avg of 18.18 early in the week including some in $17s. Flipped them for a fast gain in upper $19s, then got some shares on drop to 18.66 and flipped them again at 20.80s. Missed the move up to test the 20dma in mid-$22s.
Now have shares at 20.42 avg. Will avg down if this tries to approach lower Bollinger band on TA chart.
The recent action, imo, had everything to do with a technical test of support at lower Bollinger band and then a quick run up on good news to test upper resistance at 20dma, which happened on Friday, then it fell down to test new support level, wherever that is.
I'm somewhat surprised to see lack of chatter on this board over the past 4-5 weeks, but not really surprised, given the alarming fall-off in s/p from the highs reached in mid-$30s in early Aug after earnings.
If one listens to the CEO on CCall and also the projections by industry and by analysts (thanks, RealFast95 for posting some of those), it's obvious that Fortnite is not a "fad," and that the rise of these battle royale-style games are the FUTURE for the gaming industry.
At https://en.wikipedia.org/wiki/Battle_royale_game
the last paragraph cites Turtle Beach earnings report and the penultimate paragraph states this TANTALIZING projection:
Business Insider projected that battle royale games will bring in over US$2 billion during 2018, and will grow to US$20 billion in 2019.
If you go to the July 2018 IGN article that cites the Business Insider projection,
http://www.ign.com/articles/2018/07/20/analysts-predict-battle-royale-games-could-make-20-billion-next-year
it goes on to state this: "As more studios join the battle royale trend, those numbers are expected to increase again to be twelve-fold within just two years"--i.e., by 2020.
I presume that's gonna mean a HUGE number of new Turtle Beach headset sales.
HEAR - Buy the FEAR! Holidays are coming...and with it...increased news, as always - IMO.
Turtle Beach Is Targeting Market Share Expansion, Says Bullish Wedbush
Jayson Derrick , Benzinga Staff Writer
August 24, 2018 2:47pm
https://www.benzinga.com/analyst-ratings/analyst-color/18/08/12258023/turtle-beach-is-targeting-market-share-expansion-says-b
Turtle Beach Corp
HEAR 4.83%
shares were lower Thursday after investors concluded that a slowdown in "Fortnite" revenue growth doesn't bode well for the maker of gaming headsets.
On Friday, Wedbush expressed confidence in Turtle Beach's growth prospects after meeting with the company's management.
The Analyst
Wedbush's Alicia Reese maintained an Outperform rating on Turtle Beach's stock with an unchanged $42 price target.
The Thesis
After meeting with Turtle Beach, Reese said Wedbush's expectation for the headset maker to report upside to 2018 revenue and EBITDA estimates of $255 million and $45 million, respectively, remain unchanged. (See the analyst's track record here.)
The company's headsets are an ideal holiday gift-giving idea, not only for "Fortnite" players, but for players of any of the major upcoming video game releases, including "Call of Duty," "Battlefield" and "Red Dead Redemption," the analyst said.
Turtle Beach is expected to use its free cash flow to invest in expanding its share of the PC gaming market, where it has an "insignificant" market share, Reese said. By contract, the company accounts for a 45-percent market share of the $1-billion global console gaming headset market, she said.
By geographic region, Turtle Beach will look to first expand its products in the North American and European market, the analyst said. Once it gains a 5-percent market share in the PC headset space, Turtle Beach will likely look to expand into Asia and China, likely in 2020, she said.
The popularity of "Fortnite" will benefit Turtle Beach for years to come, as the popular game brought a "massive swath" of new gamers into console, PC and mobile gaming, according to Wedbush. New gamers are likely to account for a big part of Turtle Beach's business as consumers upgrade their headsets to higher-priced devices every two years on average, the sell-side firm said.
Price Action
Turtle Beach shares were down 2.6 percent at $27.22 at the time of publication Friday.
Chart analysis for HEAR. Friday volume was 1,313,580 vs 1.9 million average volume. This just means there were a LACK of buyers than average, not necessarily that there are MORE sellers than above average. In other words, peeps who can read charts and bought in just for the earnings are selling out. There should be a run-up to the November earnings, but that may not happen until October, unless good news comes out. The S-3 form is weighing down on the stock, I'm sure.
https://photos.app.goo.gl/AdXjs49fvfq1dKiR9
Also, a classic head and shoulders is forming. When the neckline (around $25) falls, it's down from there. Of course news beats everything else so if there's some really good news, it'll shoot back up.
https://photos.app.goo.gl/HH2qa549cME5c7Cv5
13G filed by Morgan Stanley
from 47,000 to 707,597 since 6/30
bounced still looks good
https://finviz.com/quote.ashx?t=hear
$HEAR I was right to get out today before the drop.. going to continue to correct for few days
$HEAR out for a bit let this consolidate for few days
nibble above 25
https://finviz.com/quote.ashx?t=hear
I think you'll be alright, I'm looking to get back in a little closer to $25.50 though.
S3 effective, but they don't plan to sell any, we hope
*Form 4 Filing Shows Turtle Beach CFO John Hanson Sold ~65K Shares at Avg. Prices Ranging From $29-$30.65
20$ by next week? Who wants to wager?
I don't have the patience for this... I hate being forced to hold. Failed to follow my own rule... Thankfully it's a decent company.
$HEAR it would not be the first time a company withdrew it's S3.
Maybe they would think of doing that.
Upgrades are being seen now....UP, UP, UP we go!! Shorts selling and squeezing too!
Holding to $40 for now!! All looking positive and shorts still in a bad position and as they cover, the stock will keep ticking up!!
I can't even believe what I'm seeing here after those earnings...
8/7/2018 DA Davidson Boost Price Target Buy $38.00
8/7/2018 Oppenheimer Boost Price Target Outperform to Outperform $31.00 to $35.00
https://www.marketbeat.com/stocks/NASDAQ/HEAR/price-target/
Turtle Beach price target raised to $40 from $15 at Lake Street Lake Street analyst Mark Argento significantly raised his price target for Turtle Beach to $40 from $15 following the company's "massive" Q2 results. The large Q2 beat and "huge" Q3 guidance set up an increase in full-year guidance, Argento tells investors in a post-earnings research note. He believes Turtle Beach's new guidance "contemplates modest Q4 expectations, an area for potential upside over the holiday season." The continued growth in gaming headset sales, driven by Battle Royale games including Fortnite, is "nothing short of amazing," writes the analyst. Argento reiterates a Buy rating on Turtle Beach. The stock in premarket trading is up 8%, or $2.54, to $32.89.
Read more at:
https://thefly.com/landingPageNews.php?id=2772752
$HEAR hearing $45 price target by RBC Capital and $42 by Wedbush (unconfirmed)
reminder flash from the past
The $3 billion deal for Dr. Dre's 'Beats' almost never happened. Apple After selling his gold-mine headphone company Beats by Dre last year to Apple for $3.2 billion, rap mogul Dr. Dre's net worth spiked to an estimated $700 million .Aug 19, 2015
Watch for possible breakout above 33.75, no resistance in area just above.
Type: Continuation breakout from single resistance.
Target: 42.83, 41.1% Stop: 27.88 Loss: 8.1% P/L ratio: 5.1 : 1 - Excellent
Summary Q2
Q2 earnings .40 vs -.02 Est
Sales 60.8m vs 47.9m Est
Sees Q3 EPS $0.44 vs $(0.04) Est
Sales $65M vs $38.29M Est.
Raises FY18 EPS Outlook From $0.95 to $1.95 vs $1.19 Est.,
Sales Outlook Raised From $205M to $255M vs $212.93M Est.
Turtle Beach Reports Record Second Quarter 2018 Results And Increases 2018 Outlook
4:05 pm ET August 6, 2018 (PR Newswire) Print
Turtle Beach Corporation (NASDAQ: HEAR), the leading gaming headset and audio accessory brand, reported financial results for the second quarter ended June 30, 2018.
Second Quarter Highlights vs. Year-Ago Quarter:
-- Net revenue increased 218% to $60.8 million from $19.1 million;
-- Gross margin increased 30 basis points to 33.3% from 33.0%;
-- Net income up significantly to $6.3 million, or $0.40 per diluted share, compared to a net loss of $7.1 million, or $(0.57) per share; and
-- Adjusted EBITDA increased $12.6 million to $9.8 million from $(2.8) million.
-- Net revenue, net income and adjusted EBITDA were the highest levels for any second quarter since becoming public in 2014.
"The strong start to 2018 has only gained momentum in the second quarter, with another period of record results, enabling us to recently pay down $5 million of our subordinated debt from cash flow," said Juergen Stark, CEO, Turtle Beach. "Our growth continues to be driven by a healthy console gaming headset market and our market share gains. The successes of Fortnite and PlayerUnknown's Battlegrounds, and their innovative battle royale format, has driven new gamers into the market at significantly higher headset attach rates than we have experienced in the past. In addition, our better-than-expected execution in keeping up with consumer demand for our products allowed us to exceed our expectations.
"The strong market, and our outperformance, can be seen in NPD's latest U.S. and Canada console headset update. Year-to-date through June 2018, we grew our revenue share 570 basis points to 45.5% from 39.8% in the same period in 2017. While the market was up 86% on a sell-through basis during the same time, Turtle Beach was up 112%.
"Given our record results in the first half of 2018, and our expectation of a continued strong console headset market in the second half, we have significantly raised our 2018 financial outlook. We believe these positive developments have us in a strong position to accelerate selective growth investments and further reduce our debt over time."
Second Quarter 2018 Financial Results
Net revenue in the second quarter of 2018 increased 218% to a record $60.8 million compared to $19.1 million in the year-ago quarter. This was due to continued strong market demand for console gaming headsets and the Company's increase in market share over last year.
Gross margin in the second quarter of 2018 increased 30 basis points to 33.3% compared to 33.0% in the second quarter of 2017. The increase was primarily due to higher volumes driving fixed cost leverage, partially offset by approximately $4 million in expedited air freight costs (roughly $2.8 million incremental to normal freight) given robust consumer demand.
Operating expenses in the second quarter of 2018 increased 7% to $12.0 million compared to $11.3 million in the 2017 period due primarily to variable sales-based commissions and compensation, higher volume-based web costs, and an increase in marketing costs relative to last year.
Net income in the second quarter of 2018 increased significantly to a record $6.3 million, or $0.40 per diluted share, compared to a net loss of $7.1 million, or $(0.57) per diluted share, in the year-ago quarter. The improvement was primarily driven by the significant revenue growth.
Adjusted EBITDA (as defined below in "Non-GAAP Financial Measures") in the second quarter of 2018 increased $12.6 million to a record $9.8 million compared to $(2.8) million in the year-ago quarter.
Balance Sheet Highlights
At June 30, 2018, the Company had $9.1 million of cash and cash equivalents with no amount outstanding under its revolving credit facility, compared to $1.2 million of cash and cash equivalents with $5.2 million outstanding under its revolving credit facility at June 30, 2017. The increase in cash and the reduction in amounts outstanding under its revolving credit facility resulted from the improved operational performance in 2018.
Total outstanding debt principal at June 30, 2018, decreased to $32.4 million compared to $39.7 million at June 30, 2017. The debt at June 30, 2018, consisted of $19.9 million in subordinated debt and $12.5 million in term loans. The Company's senior debt leverage ratio, defined as total term loans outstanding and average trailing twelve-month revolving debt, divided by consolidated trailing twelve month adjusted EBITDA, improved significantly to 0.7x at June 30, 2018, compared to 2.1x at December 31, 2017, and 6.8x at June 30, 2017.
On August 3, 2018, Turtle Beach paid down a portion of its subordinated debt by $5.0 million using cash on hand, bringing the subordinated debt balance to $15.1 million and total outstanding debt principal to $27.6 million.
Increased 2018 Outlook
For the third quarter of 2018, Turtle Beach expects net revenue to increase 81% to approximately $65 million compared to $36.0 million in the third quarter of 2017. Net income is expected to improve to approximately $0.44 per diluted share compared to a net loss of $(0.04) per diluted share in the third quarter of 2017. Adjusted EBITDA is expected to more than triple to approximately $11 million compared to $3.3 million in the third quarter of 2017.
For the full year 2018, Turtle Beach now expects net revenue to increase 71% to approximately $255 million (up from $205 million in its May outlook) compared to $149.1 million in 2017. Net income in 2018 is now expected to improve to approximately $1.95 per diluted share (up from net income of $0.95 per share in its May outlook) based upon 15.5 million estimated fully diluted shares outstanding. This is compared to a net loss of $(0.26) per share in 2017. Adjusted EBITDA in 2018 is now expected to be approximately $45 million (up from $26 million in its May outlook). This compares to $11.6 million in adjusted EBITDA in 2017.
How hi you think this goes?
200$
the released q2 earnings 3 hours ago
Is this guna skyrocket with earnings this week ???
Mixed shelf offering, replaced an expired agreement.
Bought after hours.
And the hook. they just filed an S-3
100 million (the market cap of the company is around 400m)
They said on the call, no plans for it. Just to have it available.
Thanks Boss! Looks like the rally will continue. I am looking at a $40 exit and let it reset some. Could be a good 2nd half a year with the current set up.
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