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Needham & Company LLC lifted their price objective on shares of Glu Mobile (NASDAQ:GLUU) from $6.00 to $7.00 in a research note issued on Wednesday. The firm currently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 41.99% from the company’s current price.

Shares of Glu Mobile (NASDAQ:GLUU) opened at 4.93 on Wednesday. Glu Mobile has a 52-week low of $2.10 and a 52-week high of $5.65. The stock has a 50-day moving average of $3.90 and a 200-day moving average of $4.26. The company’s market cap is $400.9 million. Glu Mobile also was the target of a large drop in short interest in the month of June. As of June 13th, there was short interest totalling 13,043,458 shares, a drop of 6.1% from the May 30th total of 13,892,270 shares. Based on an average daily trading volume, of 1,828,972 shares, the days-to-cover ratio is currently 7.1 days. Approximately 17.5% of the shares of the stock are short sold.

Glu Mobile (NASDAQ:GLUU) last released its earnings data on Wednesday, April 30th. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.02 by $0.04. The company had revenue of $44.60 million for the quarter, compared to the consensus estimate of $39.45 million. Analysts expect that Glu Mobile will post $0.03 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Benchmark Co. upgraded shares of Glu Mobile from a “hold” rating to a “buy” rating in a research note on Friday, June 27th. They now have a $5.60 price target on the stock, up previously from $4.62. Separately, analysts at Zacks downgraded shares of Glu Mobile from an “outperform” rating to a “neutral” rating in a research note on Monday, May 12th. They now have a $5.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $5.24.

Glu Mobile Inc (NASDAQ:GLUU) designs, markets and sells mobile games.

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