Zacks Investment Research Lowers Glu Mobile Inc. (GLUU) to Hold
Glu Mobile Inc. (NASDAQ:GLUU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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. “
GLUU has been the subject of several other reports. Roth Capital set a $4.00 target price on shares of Glu Mobile and gave the company a “buy” rating in a report on Thursday, August 3rd. Canaccord Genuity reiterated a “hold” rating and set a $3.00 target price on shares of Glu Mobile in a report on Friday, June 30th. ValuEngine upgraded shares of Glu Mobile from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Stifel Nicolaus reiterated a “buy” rating and set a $3.30 target price (up from $2.80) on shares of Glu Mobile in a report on Monday, July 31st. Finally, Cowen and Company reiterated an “outperform” rating and set a $3.50 target price (up from $3.00) on shares of Glu Mobile in a report on Wednesday, August 2nd. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $3.17.
Shares of Glu Mobile (NASDAQ:GLUU) opened at 3.74 on Wednesday. The company’s market capitalization is $506.45 million. The firm’s 50-day moving average price is $3.33 and its 200-day moving average price is $2.67. Glu Mobile has a one year low of $1.73 and a one year high of $3.83.
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In related news, COO Eric R. Ludwig sold 49,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were 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 in the company, valued at approximately $212,940. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Eric R. Ludwig sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $3.43, for a total transaction of $85,750.00. Following the completion of the transaction, the chief operating officer now owns 82,000 shares of the company’s stock, valued at $281,260. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IHT Wealth Management LLC purchased a new position in Glu Mobile in the 2nd quarter worth approximately $592,000. American International Group Inc. raised its holdings in Glu Mobile by 7.1% in the 1st quarter. American International Group Inc. now owns 63,380 shares of the company’s stock worth $144,000 after acquiring an additional 4,196 shares during the last quarter. Prudential Financial Inc. raised its holdings in Glu Mobile by 4.0% in the 2nd quarter. Prudential Financial Inc. now owns 119,504 shares of the company’s stock worth $299,000 after acquiring an additional 4,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Glu Mobile by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 375,890 shares of the company’s stock worth $940,000 after acquiring an additional 5,818 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Glu Mobile by 15.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 54,822 shares of the company’s stock worth $137,000 after acquiring an additional 7,131 shares during the last quarter. Institutional investors own 35.14% of the company’s stock.
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.
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