Wedbush Thinks the Turtle Beach Stock Surge Could Continue

Wedbush sees another 20% rise coming from HEAR shares

May 21, 2018 at 2:29 PM
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Headset maker Turtle Beach Corporation (NASDAQ:HEAR) has delivered the types of short-term gains that stock pickers dream about. At $16.58, the shares have risen more than 800% year-to-date, thanks mostly to the explosion in popularity for games like Fortnite, which helped the company deliver a brow-raising earnings beat a couple weeks back. Following that earnings release, Wedbush was one of the first firms to get behind the stock by boosting its price target to $12.50 -- and now the brokerage firm is betting on even higher highs going forward.

Specifically, Wedbush this morning lifted its price target yet again, setting the bar up at $20. The analyst in coverage believes the trend of games that rely on verbal communication will benefit Turtle Beach "for years to come." This price target suggests another 20% upside move from HEAR stock. It's also worth noting that the shares topped out just above the $20 level back on May 16.

Unfortunately, options traders won't be able to take sides on the stock, since it doesn't trade options. Bears are still taking action, however, as short interest surged higher following Turtle Beach's rally. In just the last reporting period, short interest on HEAR jumped by almost 176%.

HEAR stock chart

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