Turtle Beach Sales Nearly Triple on Fortnite Mania, Stock Explodes

HEAR shares are set to open at a more than two-year high

May 10, 2018 at 9:14 AM
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Headset maker Turtle Beach Corporation (NASDAQ:HEAR) is about to open with a monster 63% gain that would have the stock trading in territory not seen in over two years. The company reported first-quarter results that blew away expectations, with new game releases like Fortnite driving a huge increase in headset sales. In fact, revenue surged 185% compared to a year ago. Turtle Beach expects the trend to continue, too, and raised its full-year revenue and profit forecast.

Analysts at Wedbush and Lake Street Capital are calling for more upside, as well. The former brokerage firm hiked its price target to $12.50 from $4, due to the expansion of Battle Royale-type games like Fortnite. Lake Street, meanwhile, reiterated its "buy" opinion and $15 price target, saying the company's guidance could still be conservative. We'll see if the stock can now grab the attention of even more analysts, since there are only three in coverage right now.

HEAR shares had already been soaring coming into today, mostly because the company announced preliminary results back in early April. Coming into 2018, the stock was trading at just $1.81, but closed yesterday at $6.94, and is set to open today at $11.31. That would represent a 525% surge this year alone.

 

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