New York, August 16, 2024 - PRISM MarketView - The PRISM Consumer Products Index company Turtle Beach Corp (HEAR) is known for its audio technology as it markets gaming headset solutions. Since the start of the year, shares have seen a nice appreciation upwards around 45%. The company’s share price embarked into mid-teens level back in March when it announced the acquisition of Performance Designed Products (PDP) to strengthen their profitability and meaningfully enhance the size of the company. Additionally, Turtle Beach launched a modified Dutch Tender offer to repurchase up to $30M in value of its common stock between $13.75-$15 per share. Since March the company has been trading between $14-$17 and has issued some positive news.
Turtle Beach Announces Transformational Acquisition of PDP and Intention to Launch Reverse Dutch Tender Auction
WHITE PLAINS, N.Y., March 13, 2024--Turtle Beach Corporation (Nasdaq: HEAR) ("Turtle Beach" or the "Company"), a leading gaming accessories brand, announced today that following the Company's establishment of a Value Enhancement Committee in 2023, the Board of Directors (the "Board") has approved comprehensive and value-creative changes to its business, capital allocation and senior leadership. In consultation with its financial and legal advisors over the past year, the Company considered a com
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Last week, the company announced Q2 earnings that missed on EPS ($0.35) vs FactSet ($0.30) but beat on revenues $76.5M vs FactSet $70.7M as it raised its full year outlook. On its conference call management cited its retail inventory was balanced with no restocking to be expected for Q3, revenue shifts between Q3 an Q4 are to be expected due to late holiday shopping trends, the PDP acquisition integration was ahead of schedule and PDP that inventory costs of $900K-$1M are anticipated through the end of the year.
As the company continues to see increased demand and gaming accessories outperforming the broader market, Turtle Beach is making waves in the gaming space and its investors are liking the sound of it.
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