Glu Mobile Inc. (GLUU) Lifted to Buy at Zacks Investment Research
Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $4.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.89% from the company’s current price.
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. “
A number of other research analysts have also weighed in on the stock. Roth Capital set a $4.00 target price on shares of Glu Mobile and gave the stock a “buy” rating in a research note on Thursday, August 24th. ValuEngine raised shares of Glu Mobile from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Canaccord Genuity reissued a “hold” rating and issued a $3.00 target price on shares of Glu Mobile in a research note on Thursday, August 10th. Cowen and Company reissued an “outperform” rating and issued a $3.50 target price (up from $3.00) on shares of Glu Mobile in a research note on Wednesday, August 2nd. Finally, Wedbush reissued a “hold” rating on shares of Glu Mobile in a research note on Wednesday, August 2nd. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $3.08.
Shares of Glu Mobile (GLUU) traded up 3.12% during midday trading on Thursday, reaching $3.64. The company’s stock had a trading volume of 3,030,074 shares. The firm’s market cap is $492.91 million. The stock’s 50 day moving average price is $3.02 and its 200 day moving average price is $2.53. Glu Mobile has a one year low of $1.73 and a one year high of $3.69.
In other news, insider Masi Niccolo De sold 339,648 shares of Glu Mobile stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $2.59, for a total transaction of $879,688.32. Following the sale, the insider now owns 537,228 shares of the company’s stock, valued at approximately $1,391,420.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Eric R. Ludwig sold 49,000 shares of Glu Mobile stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $3.12, for a total transaction of $152,880.00. Following the sale, the chief operating officer now directly owns 68,250 shares in the company, valued at approximately $212,940. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 413,648 shares of company stock worth $1,118,318. Corporate insiders own 5.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its stake in Glu Mobile by 125.4% in the first quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock valued at $108,000 after buying an additional 26,535 shares during the last quarter. Creative Planning raised its stake in Glu Mobile by 1.8% in the first quarter. Creative Planning now owns 49,901 shares of the company’s stock valued at $113,000 after buying an additional 901 shares during the last quarter. Emerald Advisers Inc. PA purchased a new stake in Glu Mobile during the second quarter valued at approximately $141,000. Voya Investment Management LLC raised its stake in Glu Mobile by 19.2% in the second quarter. Voya Investment Management LLC now owns 56,969 shares of the company’s stock valued at $142,000 after buying an additional 9,186 shares during the last quarter. Finally, American International Group Inc. raised its stake in Glu Mobile by 7.1% in the first quarter. American International Group Inc. now owns 63,380 shares of the company’s stock valued at $144,000 after buying an additional 4,196 shares during the last quarter. 35.14% of the stock is currently owned by hedge funds and other institutional investors.
About Glu Mobile
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.
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