Zacks Investment Research cut shares of Glu Mobile Inc. (NASDAQ:GLUU) from a buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “GLU MOBILE INC., is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and Brain Genius, and titles based on major brands from partners including Atari, Activision, Konami, Harrah’s, Hasbro, Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Glu is based in San Mateo, Calif. and has offices in London, France, Germany, Spain, Italy, Sweden, Poland, Russia, Hong Kong, China, Brazil, Chile, Canada and San Clemente, Calif. “

Several other equities research analysts have also recently weighed in on GLUU. Canaccord Genuity reiterated a hold rating and issued a $3.00 target price on shares of Glu Mobile in a report on Thursday, August 10th. ValuEngine upgraded Glu Mobile from a sell rating to a hold rating in a report on Friday, August 18th. Wedbush reiterated a hold rating on shares of Glu Mobile in a report on Wednesday, August 2nd. Roth Capital set a $4.00 target price on Glu Mobile and gave the stock a buy rating in a report on Thursday, August 17th. Finally, Cowen and Company reiterated an outperform rating and issued a $3.50 target price (up from $3.00) on shares of Glu Mobile in a report on Wednesday, August 2nd. Six analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $3.17.

Glu Mobile (NASDAQ GLUU) traded up 0.27% during trading on Wednesday, reaching $3.71. The company’s stock had a trading volume of 2,465,416 shares. Glu Mobile has a 12-month low of $1.73 and a 12-month high of $3.83. The company’s market capitalization is $502.39 million. The firm’s 50-day moving average price is $3.53 and its 200 day moving average price is $2.80.

ILLEGAL ACTIVITY WARNING: This report was first reported by Watch List News and is the sole property of of Watch List News. If you are accessing this report on another site, it was stolen and reposted in violation of international copyright & trademark law. The original version of this report can be read at https://www.watchlistnews.com/glu-mobile-inc-gluu-downgraded-by-zacks-investment-research-to-hold/1610967.html.

In other news, COO Eric R. Ludwig sold 49,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $3.12, for a total value of $152,880.00. Following the completion of the transaction, the chief operating officer now directly owns 68,250 shares of the company’s stock, valued at approximately $212,940. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Eric R. Ludwig sold 100,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $3.75, for a total value of $375,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,000 shares of company stock valued at $613,630. Corporate insiders own 5.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IHT Wealth Management LLC bought a new position in shares of Glu Mobile in the 2nd quarter worth $592,000. State Street Corp increased its position in Glu Mobile by 6.7% during the 2nd quarter. State Street Corp now owns 1,914,877 shares of the company’s stock valued at $4,791,000 after buying an additional 120,550 shares in the last quarter. ETF Managers Group LLC acquired a new position in Glu Mobile during the 2nd quarter valued at about $1,099,000. Lyon Street Capital LLC acquired a new position in Glu Mobile during the 2nd quarter valued at about $563,000. Finally, Goldman Sachs Group Inc. increased its position in Glu Mobile by 15.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 54,822 shares of the company’s stock valued at $137,000 after buying an additional 7,131 shares in the last quarter. 35.14% of the stock is owned by hedge funds and other institutional investors.

Glu Mobile Company Profile

Glu Mobile Inc develops, publishes and markets a portfolio of mobile games. The Company develops and publishes a portfolio of mobile games designed to appeal to a cross section of the users of smartphones and tablet devices. Its portfolio of mobile games is spread across various genres, including Fashion and Celebrity, Food, Sports and Action, Social Networking and Home.

Analyst Recommendations for Glu Mobile (NASDAQ:GLUU)

Receive News & Ratings for Glu Mobile Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Glu Mobile Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.