Keirn Cris, the CEO of Turtle Beach Corp (NASDAQ:HEAR), recently acquired 3,000 shares of the company's common stock. The shares were purchased at a price of $14.86 each, totaling approximately $44,580. Following this transaction, Cris now holds 35,648 shares directly.
In addition to this purchase, Cris holds various restricted stock units and stock options. These include 4,500 restricted stock units that will vest in equal annual installments until April 1, 2025, and additional units set to vest in subsequent years. Cris also possesses stock options with rights to buy shares at different exercise prices, with expiration dates extending to 2030.
This transaction reflects Cris's continued investment in Turtle Beach, a company known for its communication equipment.
In other recent news, Turtle Beach Corporation has reported a notable increase in revenue and adjusted EBITDA for the third quarter of 2024, with revenue reaching $94.4 million, a 60% increase from the previous year. Adjusted EBITDA also showed significant growth, rising from $1 million to $16.3 million. This positive financial performance is attributed to robust sales of gaming accessories including the Stealth 700 Gen 3 wireless headset.
The company also expressed confidence in its market positioning, raising its full-year adjusted EBITDA guidance to between $55 million and $58 million. Furthermore, Turtle Beach repurchased $10.1 million of its stock, demonstrating confidence in its long-term growth.
Despite anticipating increased promotional spending in the fourth quarter, the company remains optimistic about the holiday season and expects strong demand for its refreshed product portfolio. These recent developments illustrate Turtle Beach's commitment to delivering shareholder value and its optimism for continued growth.
InvestingPro Insights
The recent share acquisition by Turtle Beach Corp's CEO Keirn Cris aligns with broader positive trends observed in the company's financial performance. According to InvestingPro data, Turtle Beach has shown impressive revenue growth, with a 59.51% increase in quarterly revenue as of Q3 2024. This strong top-line performance is complemented by a robust EBITDA growth of 187.33% over the last twelve months, indicating improved operational efficiency.
InvestingPro Tips highlight that management has been aggressively buying back shares, which, coupled with the CEO's recent purchase, suggests confidence in the company's future prospects. Additionally, analysts anticipate sales growth in the current year, which could further bolster the stock's performance.
Despite trading at a relatively high P/E ratio of 63.97, the company's PEG ratio of 0.60 suggests that it may be undervalued relative to its growth potential. This could explain why the CEO sees an opportunity in increasing his stake.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Turtle Beach Corp, providing a deeper insight into the company's financial health and market position.
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