Turtle Beach CEO Keirn Cris buys $44,580 worth of stock Via Investing.com
Keirn Cris, CEO of Turtle Beach Corp (NASDAQ: ), recently acquired 3,000 shares of the company’s common stock. The shares were purchased at a price of $14.86 each, which is approximately $44,580. Following this transaction, Cris now owns 35,648 shares directly.
In addition to these purchases, Cris has various restricted stock units and stock options. This includes 4,500 restricted stock units that will vest in equal annual installments through April 1, 2025, and additional units that will vest in subsequent years. Chris also has stock options with rights to buy shares at different exercise prices, with expiration dates up to 2030.
The transaction marks Cris’s continued investment in Turtle Beach, a company known for its social media products.
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, a 60% increase from last year. Adjusted EBITDA also showed significant growth, rising from $1 million to $16.3 million. This financial performance was driven by strong sales of gaming accessories including the Stealth 700 Gen 3 wireless headset.
The company also expressed confidence in its market position, raising its full-year adjusted EBITDA guidance to between $55 million and $58 million. In addition, Turtle Beach repurchased $10.1 million of its stock, indicating confidence in its long-term growth.
Despite expecting an increase in 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 demonstrate Turtle Beach’s commitment to delivering shareholder value and its hope for continued growth.
InvestingPro Insights
The recent acquisition of shares by Turtle Beach Corp CEO Keirn Cris is in line with the positive trend 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 from Q3 2024. This strong high performance is accompanied by strong EBITDA growth of 187.33% over the past twelve months, which shows that it has improved. efficiency.
InvestingPro Tips highlights that management has been buying shares aggressively, coupled with recent CEO purchases, which raises confidence in the company’s future prospects. Additionally, analysts expect sales growth this year, which could significantly boost the stock’s performance.
Despite trading at a 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 share.
For investors looking for a comprehensive analysis, InvestingPro offers 8 additional tips for Turtle Beach Corp, which provide in-depth insight into the company’s financial health and market conditions.
This article was created with the support of AI and reviewed by an editor. For more information see our T&C.
