In a remarkable display of market confidence, Parametric Sound Corp (NASDAQ:HEAR) stock has soared to a 52-week high, reaching a price level of $18.47 USD. With a market capitalization of $364 million, the company has demonstrated impressive momentum, achieving a notable 66.3% return year-to-date. According to InvestingPro analysis, analysts have set price targets ranging from $20 to $26, suggesting potential further upside. This peak represents a significant milestone for the company, reflecting a robust 1-year change of 62.83%. Investors have shown increasing enthusiasm for Parametric Sound Corp's prospects, driving the stock to this new high over the past year. The company's performance, highlighted by 25.7% revenue growth in the last twelve months, has placed it in a strong position within the market, capturing the attention of both analysts and investors alike. InvestingPro subscribers can access 14 additional investment tips and a comprehensive analysis of HEAR's valuation metrics.
In other recent news, Turtle Beach Corporation reported a substantial rise in revenue and adjusted EBITDA for the third quarter of 2024. The company's revenue skyrocketed to $94.4 million, marking a 60% increase from the previous year, while adjusted EBITDA climbed to $16.3 million, a significant leap from $1 million. The surge is attributed to robust sales of gaming accessories and operational efficiencies. The company also repurchased $10.1 million of its stock, indicating confidence in long-term growth.
Turtle Beach also upgraded its full-year adjusted EBITDA guidance to between $55 million and $58 million. The revenue guidance for 2024 remains between $370 million and $380 million, suggesting a growth of 45% at the midpoint. The company's optimism extends to the holiday season, with expectations of high demand for its refreshed product portfolio.
Notably, the integration of PDP is proceeding ahead of schedule, with synergies surpassing initial estimates. However, the company anticipates increased promotional spending in the fourth quarter, which may impact gross margins and marketing expenses. Despite this, Turtle Beach is confident about sustained demand for gaming accessories, driven by the strong launch of "Call of Duty: Black Ops 6" and pandemic-related replacement purchases.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.