Turtle Beach Corp (NASDAQ: HEAR) is having a great start to the trading session this morning. However, if you go digging for press releases or SEC filings, you’re not going to find any. Nonetheless, there’s a good reason for the gains. The company seems to be benefiting from the roll out of Red Dead Redemption 2, a hit game produced by Rockstar Entertainment. Today, we’ll talk about:
- The news;
- what we’re seeing from HEAR stock as a result; and
- what we’ll be watching for ahead.
HEAR Stock Gains On Product Launch
As mentioned above, Turtle Beach Corp is having a great time in the market today. The gains are ultimately the result of a product launch that took place with another company’s product. Today, the Rockstar’s smash-hit product, Red Dead Redemption 2’s online portion starts to roll out. Along with the roll out came a leaked list of modes that has detailed its battle royale-style option.
Red Dead Redemption did overwhelmingly well in its debut and the online modes only lead to further demand. So, how does this affect HEAR stock?
When big games like Red Dead Redemption 2 rollout, we not only see demand for the games themselves, but the hardware that makes these games more enjoyable. That’s where HEAR comes in. Ultimately, the company has built a core part of its business around providing high quality sound to gamers at a reasonable price. As the game rolls out, HEAR could see increased sales as gamers look for a better user experience.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that it’s important to keep a close eye on the news. After all, it’s the news that moves the market. While Turtle Beach hasn’t released any news of their own, it’s also important to watch correlated news. In this particular case, Red Dead Redemption 2’s online mode will likely lead to stronger sales of the company’s gaming headsets. As such, investors are excited and sending the stock screaming for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:41), HEAR is trading at $16.69 per share after a gain of $1.51 per share or 9.95% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on HEAR. In particular, we’re interested in following the story surrounding the company’s benefits in sales growth of headset sales as a result of the launch of Red Dead Redemption 2’s online modes. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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