Russell Investments Group Ltd. lowered its stake in shares of Glu Mobile Inc. (NASDAQ:GLUU) by 60.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 224,860 shares of the company’s stock after selling 342,815 shares during the quarter. Russell Investments Group Ltd. owned about 0.16% of Glu Mobile worth $1,675,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLUU. ClariVest Asset Management LLC purchased a new stake in Glu Mobile in the 2nd quarter valued at approximately $152,000. Fusion Family Wealth LLC purchased a new stake in Glu Mobile in the 2nd quarter valued at approximately $160,000. Quantitative Systematic Strategies LLC purchased a new stake in Glu Mobile in the 2nd quarter valued at approximately $190,000. Algert Global LLC purchased a new stake in Glu Mobile in the 2nd quarter valued at approximately $204,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in Glu Mobile by 42.7% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 36,187 shares of the company’s stock valued at $232,000 after purchasing an additional 10,832 shares in the last quarter. 56.31% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GLUU opened at $7.21 on Thursday. Glu Mobile Inc. has a twelve month low of $3.02 and a twelve month high of $8.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -14.14, a price-to-earnings-growth ratio of 4.69 and a beta of 1.02.

Glu Mobile (NASDAQ:GLUU) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.01. Glu Mobile had a negative net margin of 14.65% and a negative return on equity of 19.28%. The company had revenue of $99.30 million during the quarter, compared to the consensus estimate of $96.14 million. During the same period last year, the firm earned ($0.09) EPS. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. Analysts expect that Glu Mobile Inc. will post 0.1 EPS for the current year.

In other Glu Mobile news, insider Masi Niccolo De sold 89,310 shares of the business’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $7.01, for a total value of $626,063.10. Following the completion of the transaction, the insider now directly owns 766,669 shares in the company, valued at approximately $5,374,349.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric R. Ludwig sold 142,500 shares of the business’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $7.32, for a total transaction of $1,043,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 371,713 shares of company stock valued at $2,622,978. Insiders own 5.80% of the company’s stock.

A number of equities research analysts have weighed in on GLUU shares. BidaskClub raised Glu Mobile from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Roth Capital lowered Glu Mobile from a “buy” rating to a “neutral” rating in a report on Monday, October 8th. Wedbush reaffirmed a “hold” rating and issued a $7.00 price objective on shares of Glu Mobile in a report on Wednesday, November 7th. Finally, Zacks Investment Research raised Glu Mobile from a “hold” rating to a “buy” rating and set a $9.00 price objective on the stock in a report on Tuesday, November 13th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $7.50.

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About Glu Mobile

Glu Mobile Inc develops, publishes, and markets a portfolio of free-to-play mobile games for the users of smartphones and tablet devices. The company publishes titles in four genres, including home d├ęcor, sports and action, fashion and celebrity, and time management. It creates games based on its own brands, including Contract Killer, Cooking Dash, Covet Fashion, Deer Hunter, Design Home, and QuizUp.

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Institutional Ownership by Quarter for Glu Mobile (NASDAQ:GLUU)

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