07-18-2018: Turtle Beach Corporation (HEAR): Pump and Dump?

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Recommendation

Turtle Beach Corporation

Turtle Beach Corporation (HEAR) is a manufacturer of sound cards, headsets (earphones and microphones designed to be used with computers, gaming software, and other audio equipment. It has been around since the mid 1970's just as Windows 95 and the Internet were preparing to emerge to change computer technology forever. It was associated with Voyetra Products which were used successfully on this site for some time, and perhaps even still, allowing printed musical scores to be produced from midi files.

While we respect the technology, the main fact about this stock seems to be that starting on April 9th, a turnaround from losses to small profits in the company's financial statements caused a gigantic leap in share prices to over 20 times the stocks original value in less than 4 months. That great a rise leads to suspicion as to whether or not this is a "pump and dump" operation.

The current company reporting seems pretty fair, but historically the company has been late reporting, and possibly a negative tangible book value. It was so late reporting that it got delisted from the NASDAQ for a time, and that not so long ago. This in turn affected various evaluation software we run, looking for latest financial results and finding none because sites which maintain data had not caught up with very late reporting.

Still, MGI Analyst gives the stock acceptable financial accounting standards rating albeit with quite a few red flags.

Institutions are dumping this stock like mad, realizing that it has been pumped up all out of proportion to recent results, and also there has been building a very large short interest which could cause shorts to be squeezed to the point where the stock could rise on artificial bases of short sale covering when the shorts panic. Ultimately, this stock appears to us poised to go down, and perhaps rather violently.

There has been a lot of insider selling.

What has caused this stock to rise has been a little better management, but not that better in comparison to historical results.

Researchers are decidely negative, some having stopped covering the stock, but analysts are highly influenced by recent stock share performance. Sentiment is very positive.

There is no glitzy annual report, no CEO Letter to Shareholders, and a seeming unconcern for shareholders. Where this stock will go next is anyone's guess, but inevitably there will be a day of reckoning. It has just advanced way too far for justification by any sort of financial analysis, especially with a negative tangible asset value. Market Grader, Standard & Poor's are both negative on this stock as they rate stocks with emphasis on fundamentals.

The stock is being driven by speculation, attracting traders who look at percentage gain leaders and little else. It has a relatively large percentage of shares held by small investors, not institutions. But at times it is a volume leader. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

HEAR  Turtle Beach Corporation (HEAR) 
   Exchange: NASDAQ     Group: Sector              Industry: Industry
   Rank of Industry:  21%                  Rank within Industry: 54 out of 255

      Shares Out:   13.65 (mil.)   Market Capitalization:$    321.96 (mil.)
      Sales (12 mo.): $    149.00 (mil.)              Sales Growth: 184.88%
      Avg Broker Recommend (1=Strong Buy): 1.00   Consensus Target:  20.00
      Dividend:$ 0.00  Yield: 0.00%  Payout Ratio: 0.00  Payout Chg:  0.00%

      Turtle Beach Corporation is an audio technology company. It designs
      audio products for consumer, commercial and healthcare markets. The
      company markets premium headsets for use with personal computers, mobile
      devices and video game consoles under the brand Turtle Beach
      (TurtleBeach.com). Under the brand HyperSound (HyperSound.com), the
      company markets pioneering directed audio solutions that have
      applications in digital signage and kiosks, consumer electronics and
      healthcare. Turtle Beach Corporation, formerly known as Parametric Sound
      Corporation, is based in Valhalla, New York.

   Recent Price:  23.58     52-Week High:  25.38     52-Week Low:   1.64

   20-Day Avg. Daily Volume =  1,313,944                    Beta:   0.62

Earnings per Share (EPS) Estimates:

                        This        Next        This        Next
                       Quarter     Quarter      Year        Year
                      06/2018     09/2018     12/2018     12/2019

    Average Estimate      0.03        0.03        1.10        1.50
 Number of Estimates         3           3           3           2
        Low Estimate     -0.05       -0.14        0.95        1.50
       High Estimate      0.03        0.03        1.10        1.82
        Year Ago EPS     -0.56       -0.04       -0.24        1.01
          EPS Growth     96.43%     -50.00%     520.83%      64.36%

P/E Ratio Related Data:                                    EPS       Sales
  Current FY Estimate:  32.75                              Growth    Growth
   Trailing 12 Months:  23.35       vs. Previous Quarter:  -86.21%   -48.70%
     P/E Growth Ratio:   1.80          vs. Previous Year:  121.05%   184.88%

Price/Sales Ratio:  1.83    Price/Book Ratio:  0.00    Price/Cash Flow: 88.35

Other Fundamental Data:
                         06/30/18     03/31/18      12/31/17
Return on Investment         0.00       -29.74          0.00
Return on Assets             0.00        12.62         -3.98
Current Ratio                0.00         2.16          1.28
Quick Ratio                  1.41         1.41          0.88
Operating Margin             0.00         4.91         -1.75
Net Margin                   0.00         4.92         -2.18
Pre-Tax Margin               0.00         0.00          0.00
Book Value                  -1.80        -1.68          5.34
Inventory Turnover           0.00         4.06          3.37
Debt-to-Equity Ratio         0.00        -1.47         -1.25
Debt-to-Capital Ratio        0.00         0.00          0.00

Reported and Estimated Quarterly Earnings:
Reported                                03/2018   12/2017   09/2017   06/2017
                                           0.16      1.16     -0.04     -0.56
Estimated                              06/2018   09/2018   12/2018   12/2019
  Consensus 7 Days Ago                    -0.02     -0.06      1.01      1.66
  Upward Revisions                            0         0         0         0
  Downward Revisions                          0         0         0         0
  Consensus 30 Days Ago                   -0.05     -0.11      0.97      1.82
  Upward Revisions                            0         0         0         0
  Downward Revisions                          0         0         0         0


Annual Income Statements ($mil except EPS data):

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13

Sales                                149.00   174.00   163.00   186.00     0.00
Cost of Goods                         98.00   131.00   122.00   136.00     0.00
Gross Profit                          51.00    43.00    41.00    51.00     0.00
Selling, Deprec, Amort Expense        46.00   120.00   115.00    64.00     3.00
Income After Deprec + Amortization     5.00   -78.00   -74.00   -14.00    -3.00
Non-Operating Income                   0.00    -2.00    -1.00    -1.00     0.00
Interest Expense                       8.00     7.00     5.00     7.00     0.00
Pretax Income                         -3.00   -88.00   -81.00   -22.00    -3.00
Income Taxes                           1.00     0.00     2.00    -6.00     0.00
Minority Interest                      0.00     0.00     0.00     0.00     0.00
Investment Gains/Losses                0.00     0.00     0.00     0.00     0.00
Other Income/Charges                   0.00     0.00     0.00     0.00     0.00
Income from Continuing Operations     -3.00   -87.00   -83.00   -15.00    -3.00
Extras + Discontined Operations        0.00     0.00     0.00     0.00     0.00
Net Income                             0.00   -87.00   -83.00   -15.00    -3.00
Income before Depr. + Amortization    11.00   -67.00   -66.00    -4.00    -3.00
Depreciation + Amort. (Cash Flow)      0.00     0.00     0.00     0.00     0.00
Average Shares                        12.34    12.15    10.57     9.92     1.65
Diluted EPS bf Non-Recurring Items    -0.24    -1.32    -2.32    -1.12    -4.64
Diluted Net EPS                       -0.28    -7.16    -7.84    -1.56    -4.64



Balance Sheets ($mil. except per share data):

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13
Assets:

Cash + Equivalents                     0.00     5.00     6.00     7.00     8.00
Receivables                           51.00    55.00    57.00    61.00     0.00
Notes Receivable                       0.00     0.00     0.00     0.00     0.00
Inventories                           28.00    22.00    26.00    38.00     1.00
Other Current Assets                   3.00     4.00     4.00    10.00     0.00
Total Current Assets                  87.00    87.00    95.00   118.00     6.00
Property, Plant & Equipment            5.00     4.00     7.00     7.00     0.00
Investments + Advances                 0.00     0.00     0.00     0.00     0.00
Other Non-Current Assets               0.00     0.00     0.00     0.00     0.00
Deferred Charges                       0.00     1.00     0.00     1.00     0.00
Intangibles                            1.00     2.00    69.00   121.00     1.00
Deposits + Other Assets                1.00     2.00     3.00     1.00     0.00
Total Assets                           0.00    94.00    95.00   174.00   247.00

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13
Liabilities:

Notes Payable                          0.00     0.00     0.00     0.00     0.00
Accounts Payable                      13.00    12.00    18.00    36.00     1.00
Current Portion Long-Term Debt        43.00    39.00    37.00    39.00     0.00
Current Portion Capital Leases         0.00     0.00     0.00     0.00     0.00
Accrued Expenses                       0.00     0.00     0.00     0.00     0.00
Income Taxes Payable                   0.00     0.00     0.00     0.00     0.00
Other Current Liabilities             11.00    16.00    14.00    15.00     0.00
Total Current Liabilities             68.00    67.00    69.00    89.00     1.00
Mortgages                              0.00     0.00     0.00     0.00     0.00
Deferred Income Taxes                  0.00     0.00     0.00     1.00     0.00
Convertible Debt                       0.00     0.00     0.00     0.00     0.00
Long-Term Debt                        28.00    28.00    29.00     6.00     0.00
Non-Current Capital Leases             0.00     0.00     0.00     0.00     0.00
Other Non-Current Liabilities         21.00    20.00    19.00    21.00     0.00
Minority Interest                      0.00     0.00     0.00     0.00     0.00
Total Liabilities                      0.00   116.00   116.00   117.00   116.00

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13
Shareholder Equity:

Preferred Stock                        0.00     0.00     0.00     0.00     0.00
Common Sock                            0.00     0.00     0.00     0.00     0.00
Capital Surplus                      148.00   147.00   137.00   128.00    23.00
Retained Earnings                   -170.00  -167.00   -80.00     3.00   -17.00
Other Equity                           0.00    -1.00     0.00     0.00     0.00
Treasury Stock                         0.00     0.00     0.00     0.00     0.00
Total Shareholder Equity             -22.00   -21.00    57.00   131.00     6.00
Total Liabilities+ Owners' Equity     94.00    95.00   174.00   247.00     7.00
Total Common Equity                    0.00     0.00     0.00     0.00     0.00
Shares Outstanding                    12.30    12.30    10.60    10.50     1.80
Book Value per Share                  -1.80    -1.68     5.34    12.49     3.34



Cash Flow Statement:
    Operations, Investments, & Financial Activities

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13

Net Income                             0.00    -3.25   -87.18   -82.91   -15.49
Depreciation/Amortization + Deplet     6.02    10.54     8.28     9.49     0.06
Net Change in Assets/Liab.            -7.58    -5.22    -7.11    -1.71     0.13
Net Cash f Discontinued Operations     0.00     0.00     0.00     0.00     0.00
Other Operating Activities             8.24    80.04    66.61    -7.12     0.52
Net Cash f Operating Activities        0.00     3.42    -1.83   -15.13   -14.83
Property + Equipment                  -4.41    -3.23    -6.69    -3.54    -0.02
Acquisition/Disp. of Subsidiaries      0.00     0.00     0.00     4.09     0.00
Investments                            0.00     0.00     0.00     0.00     0.00
Other Investing Activity               0.00     0.00     0.00     0.00    -0.03
Net Cash from Investing               -4.41    -3.23    -6.69     0.56    -0.05

    Use of Funds

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13

Issue (Repurchase) Capital Stock       0.00     5.97     0.73    38.85     5.19
Issuance (Repayment) of Debt           0.00    -0.04    16.26   -11.52    -0.01
Increase/Decrease Short-Term Debt     -0.09    -0.56     6.28    -9.68     0.00
Dividends + Distributions              0.00     0.00     0.00     0.00     0.00
Other Financing Acitivies             -0.07    -1.16    -2.13    -1.68    -0.02
Net Cash from Financing               -0.16     4.21    21.13    15.97     5.16
Effect of Exchange Rate Changes        0.22    -0.09    -0.10    -0.29     0.00

Net Change in Cash + Equivalents      -0.94    -0.93    -0.79     1.40     3.06

    Net Change in Cash & Equivalents

                                   12/31/17 12/31/16 12/31/15 12/31/14 12/31/13

Cash at Beginning of Per.              6.18     7.11     7.91     6.51     1.59
Cash at End of Period                  5.25     6.18     7.11     7.91     4.66
Net Change in Cash + Equivalents      -0.94    -0.93    -0.79     1.40     3.06


Zenith Indices:                      [Indices near +3.0, or near zero,
                                     or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28?    1.1991     P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000     Forward P/E Ratio < 28?    0.8550

Sales Tests:
Sales < $500 mil.?         3.0000     Sales incr. 25% Yearly?    3.0000
Sales > $340 million?      0.4794     Inventory/Sales < 5%?      0.3135

Balance Sheet Tests:
Debt/Equity Ratio < 0.40? -0.2721     LTD/Net Assets:            3.0000
Debt Reduction:            0.2143     Intangibles/Assets < 10%?  3.0000
Current Ratio > 2?         2.1600     Return on Equity > 9.8%?  -3.0000

Earnings Tests:
EPS 5-Yr. Growth > 18%?   -3.0000     Operating Margin > 5%?     1.0183
EPS Annual Growth > 0%?   -3.0000     Dividend Rate cp 2.7%:     0.0000
Earnings Consistent?       1.3333     Payout Ratio Decreasing?   1.2000
Net Income Increasing 25%? 0.8386     Price<15% below 52-wk Hi?  1.0684
Positive Cash Flow?        0.8692     Price/Book X PE < 22?      0.0000
Profit Margin > 7.5%?      0.6560     Price/Book < 1.6?          0.0000
Profit Margin Increasing? -2.2569     Stock Compared to S+P 500: 3.0000

Price & Float Tests:
Return on Investment>12%? -1.7494     Shares Out > 50 mil.?      0.2730
Return on Assets > 10%?   -0.3317     Beta > 1.25?:              0.6200
Price/Sales Ratio < 2.3?  -2.9740     Liquidity > 2%?            3.0000

Ownership Tests:
Analyst Following > 2.0?   3.0000     Market Capital'n > 300M?   1.0732
Owner's Equity Increasing?-0.1679     Shares Out Decreasing?     0.1463

HEAR                                   Overall Zenith Index:     0.6937


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Financial Statements

TURTLE BEACH CORP  (HEAR)                   INCOME STATEMENT

Fiscal year ends in December.                        2013-09         2014-12         2015-12         2016-12         2017-12             TTM           

Revenue                                              562,902     186,176,000     162,747,008     173,978,000     149,135,008     175,668,992
Cost of revenue                                      292,329     135,508,992     122,056,000     131,368,000      98,132,000     111,853,000
Gross profit                                         270,573      50,667,000      40,691,000      42,610,000      51,003,000      63,816,000


Operating expenses
Research and development                           2,056,364       9,400,000      11,556,000       8,259,000       5,587,000       5,526,000
Sales, General and administrative                  5,882,617      50,601,000      53,313,000      48,152,000      40,085,000      41,379,000
Restructuring, merger and acquisition                      0         747,000         399,000         664,000         533,000         235,000
Other operating expenses                                   0        -747,000        -399,000        -664,000        -533,000        -235,000
Total operating expenses                           7,938,981      60,001,000      64,869,000      56,411,000      45,672,000      46,905,000

Operating income                                  -7,668,408      -9,334,000     -24,178,000     -13,801,000       5,331,000      16,911,000
Interest Expense                                       4,559       7,209,000       5,099,000       7,447,000       7,916,000       8,081,000
Other income (expense)                                 2,543      -5,215,000     -51,237,000     -66,321,000         -70,000         422,000
Income before taxes                               -7,670,424     -21,758,000     -80,514,000     -87,569,000      -2,655,000       9,252,000
Provision for income taxes                                 0      -6,272,000       2,393,000        -387,000         593,000         612,000
Net income from continuing operations             -7,670,424     -15,486,000     -82,907,000     -87,182,000      -3,248,000       8,640,000
Net income                                        -7,670,424     -15,486,000     -82,907,000     -87,182,000      -3,248,000       8,640,000
Net income available to common shareholders       -7,670,424     -15,486,000     -82,907,000     -87,182,000      -3,248,000       8,640,000

Earnings per share
Basic                                                  -4.64           -1.56           -7.84           -7.16           -0.28            0.69 
Diluted                                                -4.64           -1.56           -7.84           -7.16           -0.28            0.69 

Weighted average shares outstanding
Basic                                              1,646,834       9,916,250      10,567,250      12,148,000      12,335,750      12,344,250
Diluted                                            1,646,834       9,916,250      10,567,250      12,148,000      12,335,750      12,349,750

____________________________________________________________________________________________________________________________________________


TURTLE BEACH CORP  (HEAR)                   BALANCE SHEET

Fiscal year ends in December.                        2013-09         2014-12         2015-12         2016-12         2017-12             

Assets

Current assets

Cash

Total cash                                         1,597,879       7,908,000       7,114,000       6,183,000       5,247,000

Receivables                                          177,453      61,059,000      57,192,000      54,633,000      50,534,000
Inventories                                          723,420      38,400,000      26,146,000      21,698,000      27,518,000
Deferred income taxes                                      0       4,930,000               0               0               0
Prepaid expenses                                      95,932       5,300,000       4,451,000       4,121,000       3,467,000
Total current assets                               2,594,684     117,597,000      94,903,000      86,635,000      86,766,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                  554,722      17,895,000      23,725,000      12,992,000      17,309,000
Accumulated Depreciation                            -335,353     -11,173,000     -16,866,000      -8,681,000     -12,632,000
Net property, plant and equipment                    219,369       6,722,000       6,859,000       4,311,000       4,677,000

Goodwill                                                   0      80,974,000      31,152,000               0               0
Intangible assets                                  1,451,298      39,726,000      37,956,000       1,618,000       1,404,000
Deferred income taxes                                      0       1,128,000               0         543,000         362,000
Other long-term assets                                     0         821,000       2,981,000       1,693,000       1,042,000
Total non-current assets                           1,670,667     129,371,000      78,948,000       8,165,000       7,485,000

Total assets                                       4,265,351     246,968,000     173,851,008      94,800,000      94,251,000 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                            0      38,786,000      37,267,000      38,552,000      42,640,000
Capital leases                                        37,486               0               0               0               0
Accounts payable                                     862,522      35,546,000      17,680,000      11,927,000      13,459,000
Accrued liabilities                                   97,763               0               0      16,414,000       8,941,000
Other current liabilities                             85,953      14,525,000      14,236,000               0       2,510,000
Total current liabilities                          1,083,724      88,857,000      69,183,000      66,893,000      67,550,000

Non-current liabilities
Long-term debt                                             0       5,769,000      28,930,000      28,323,000      27,625,000
Capital leases                                        94,611               0               0               0               0
Deferred taxes liabilities                                 0         648,000           4,000               0               0
Other long-term liabilities                                0      20,508,000      19,082,000      20,280,000      21,233,000
Total non-current liabilities                         94,611      26,925,000      48,016,000      48,603,000      48,858,000

Total liabilities                                  1,178,335     115,782,000     117,199,000     115,496,000     116,408,000 

Stockholders' equity

Common stock                                           6,835          42,000          43,000          49,000          49,000
Additional paid-in capital                        17,383,196     128,084,000     136,692,992     146,615,008     148,044,992
Retained earnings                                -14,303,015       3,289,000     -79,618,000    -166,800,000    -170,048,000
Accumulated other comprehensive income                     0        -229,000        -466,000        -560,000        -203,000
Total stockholders' equity                         3,087,016     131,186,000      56,652,000     -20,696,000     -22,157,000
Total liabilities and stockholders' equity         4,265,351     246,968,000     173,851,008      94,800,000      94,251,000

____________________________________________________________________________________________________________________________________________


TURTLE BEACH CORP  (HEAR)                   Statement of CASH FLOW

Fiscal year ends in December. USD.                   2013-09         2014-12         2015-12         2016-12         2017-12             TTM           
Cash Flows From Operating Activities
Net income                                        -7,670,424     -15,486,000     -82,907,000     -87,182,000      -3,248,000       8,640,000
Depreciation & amortization                          256,670       6,866,000       7,916,000       9,194,000       4,422,000       4,596,000
Amortization of debt discount/premium and is               0       2,621,000         360,000       1,342,000       1,593,000       1,599,000
Investment/asset impairment charges                        0               0      49,822,000      63,236,000               0               0
Deferred income taxes                                      0      -9,998,000       5,414,000        -547,000         181,000         305,000
Stock based compensation                           2,106,373       5,194,000       5,897,000       3,960,000       1,430,000       1,267,000
Change in working capital                            334,074      -4,839,000      -7,110,000      -5,220,000      -7,584,000     -15,192,000
Accounts receivable                                 -138,082     -10,396,000       1,752,000       4,092,000       3,109,000     -19,182,000
Inventory                                           -228,638      11,363,000      11,147,000      -6,966,000      -7,496,000       5,080,000
Prepaid expenses                                     -16,235        -212,000        -712,000         245,000         755,000         322,000
Accounts payable                                     689,185     -10,552,000     -17,287,000      -5,057,000       1,494,000       1,625,000
Accrued liabilities                                   37,943               0               0               0               0               0
Income taxes payable                                       0       4,704,000      -1,700,000         395,000          89,000        -104,000
Other working capital                                -10,099         254,000        -310,000       2,071,000      -5,535,000      -2,933,000
Other non-cash items                                   6,082         808,000       5,475,000      13,387,000       6,624,000       6,801,000
Net cash provided by operating activities         -4,967,225     -1,4834,000     -1,5133,000      -1,830,000       3,418,000       8,016,000
Investments in property, plant, and equipment	    -295,597      -3,536,000      -6,693,000      -3,229,000      -4,411,000      -4,617,000
Acquisitions, net                                          0       4,093,000               0               0               0               0
Purchases of intangibles                            -260,096               0               0               0               0               0
Other investing activities                           260,096               0               0               0               0               0
Net cash used for investing activities              -295,597         557,000      -6,693,000      -3,229,000      -4,411,000      -4,617,000

Cash Flows From Financing Activities
Debt issued                                                0     172,674,000     249,054,000     208,920,000     172,694,000     179,606,000
Debt repayment                                       -24,033    -193,870,000    -226,516,992    -209,520,000    -172,783,008    -182,096,000
Common stock issued                                        0      37,230,000               0       5,968,000               0               0
Other financing activities                         1,357,087         -65,000      -1,403,000      -1,155,000         -73,000        -248,000
Net cash provided by (used for) financing          1,333,054      15,969,000      21,134,000       4,213,000        -162,000      -2,738,000

Effect of exchange rate changes                            0        -293,000        -102,000         -85,000         219,000          61,000
Net change in cash                                -3,929,768       1,399,000        -794,000        -931,000        -936,000         722,000
Cash at beginning of period                        5,527,647       6,509,000       7,908,000       7,114,000       6,183,000       3,613,000
Cash at end of period                              1,597,879       7,908,000       7,114,000       6,183,000       5,247,000       4,335,000

Free Cash Flow
Operating cash flow                               -4,967,225     -14,834,000     -15,133,000      -1,830,000       3,418,000       8,016,000
Capital expenditure                                 -295,597      -3,536,000      -6,693,000      -3,229,000      -4,411,000      -4,617,000
Free cash flow                                    -5,262,822     -18,370,000     -21,826,000      -5,059,000        -993,000       3,399,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (HEAR)     Turtle Beach Corp.

                               2013    2014    2015    2016    2017

          Annual Earnings:    -4.64   -1.56   -7.84   -7.16   -0.28
Average Price During Year:    59.06   40.10    9.52    4.76    3.41

                P/E Ratio:    12.73   25.70    1.21    0.66   12.16

 Average 5-Year P/E Ratio  =  10.49
             Current Price =  23.58

Previous 5 Quarter Earnings:  -0.80   -0.56   -0.04    1.16    0.16

           Current Annualized (Last Four Quarters) Earnings =   1.28
                                                           ________
                                 Average PE / Current PE =     0.57
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair ValueFair Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for TURTLE BEACH CORP.:
Symbol? HEAR
Total Months Available:  93
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
   3.96    2.23      2.67    1.64     24.88    1.80

RANGE   =  24.88  TO    1.64            Close =  23.81
CHANNEL =   2.67  TO    2.23           Degree =   0
Volatility =   1.85%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

2 out of 8 favorable, (negative opinion.)

Val Idea
Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue 0
Zenith Index - 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow + 1
Average to Current P/E - 1
Ratios - 1
Market Grader - 1
Intrinsic Value DCF 0
Fair Value Estimator - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart - 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total - 2
Place 1,200 shares of Turtle Beach Corporation (HEAR) on the Active List.