Turtle Beach Corporation (NASDAQ: ) CEO Karen Criss recently acquired 3,000 shares of the company’s common stock. The shares were purchased at a price of $14.86 each, for a total of approximately $44,580. Following this transaction, Chris now directly owns 35,648 shares.
In addition to this purchase, Chris has various restricted stock units and stock options. These include 4,500 restricted stock units that will vest in equal annual installments through April 1, 2025, with additional units vesting in subsequent years. Chris also has stock options with rights to purchase shares at various exercise prices, with expiration dates through 2030.
The transaction reflects Chris’ continued investment in Turtle Beach, a company known for its communications equipment.
In other recent news, Turtle Beach Corporation reported a significant increase in revenue and adjusted EBITDA for the third quarter of 2024, with revenue reaching $94.4 million, up 60% from last year. . Adjusted EBITDA also showed significant growth, increasing by $1 million to $16.3 million. This positive financial performance is due to strong 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. Additionally, Turtle Beach repurchased $10.1 million of its stock, expressing confidence in its long-term growth.
Despite expectations for increased promotional spending in the fourth quarter, the company is optimistic about the holiday season and expects strong demand for its updated product portfolio. These recent developments underscore Turtle Beach’s commitment to delivering shareholder value and its expectation for continued growth.
InvestingPro Insights
The recent share acquisition by Turtle Beach Corporation CEO Karen Criss is consistent with the broader positive trends observed in the company’s financial performance. According to data from InvestingPro, Turtle Beach has shown impressive revenue growth with a 59.51% increase in quarterly revenue for the quarter of 2024. This strong top-line performance has been complemented by robust EBITDA growth of 187.33 percent over the last twelve months, indicating improvement. operational efficiency.
Investing Pro Tips highlights that management is aggressively repurchasing shares, which combined with the CEO’s recent buyout shows confidence in the company’s future prospects. Additionally, analysts expect sales to pick up 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 may explain why the CEO sees an opportunity to increase his stake.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional recommendations for Turtle Beach Corp, providing deeper insight into the company’s financial health and market position.
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