Zacks Investment Research Upgrades Glu Mobile Inc. (GLUU) to Hold
Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
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 research analysts have also recently commented on the company. Roth Capital set a $4.00 target price on Glu Mobile and gave the stock a “buy” rating in a research note on Wednesday, May 24th. BidaskClub raised Glu Mobile from a “buy” rating to a “strong-buy” rating in a research note on Monday. Canaccord Genuity reissued a “hold” rating and set a $3.00 target price on shares of Glu Mobile in a research note on Friday, June 30th. Cowen and Company reissued an “outperform” rating and set a $3.00 target price on shares of Glu Mobile in a research note on Thursday, May 4th. Finally, Mizuho boosted their target price on Glu Mobile from $2.40 to $2.80 and gave the stock a “neutral” rating in a research note on Thursday, May 4th. Six analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Glu Mobile has a consensus rating of “Buy” and an average price target of $2.81.
Shares of Glu Mobile (NASDAQ:GLUU) remained flat at $2.76 during midday trading on Tuesday. The company’s stock had a trading volume of 4,694,735 shares. The stock’s 50 day moving average price is $2.58 and its 200-day moving average price is $2.36. Glu Mobile has a 1-year low of $1.73 and a 1-year high of $2.82. The company’s market cap is $371.89 million.
Glu Mobile (NASDAQ:GLUU) last released its earnings results on Wednesday, May 3rd. The company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.08. Glu Mobile had a negative return on equity of 36.94% and a negative net margin of 50.11%. The company had revenue of $56.80 million for the quarter, compared to analyst estimates of $53.59 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Glu Mobile will post ($0.18) earnings per share for the current fiscal year.
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In other Glu Mobile news, insider Masi Niccolo De sold 339,648 shares of Glu Mobile stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $2.59, for a total transaction of $879,688.32. Following the completion of the sale, the insider now directly owns 537,228 shares of the company’s stock, valued at approximately $1,391,420.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.60% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. State Street Corp increased its stake in Glu Mobile by 2.4% in the fourth quarter. State Street Corp now owns 1,799,025 shares of the company’s stock valued at $3,493,000 after buying an additional 41,559 shares during the last quarter. Creative Planning increased 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. Bank of Montreal Can purchased a new stake in Glu Mobile during the first quarter valued at $171,000. Nationwide Fund Advisors increased its stake in Glu Mobile by 69.2% in the first quarter. Nationwide Fund Advisors now owns 147,079 shares of the company’s stock valued at $334,000 after buying an additional 60,168 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Glu Mobile by 163.9% in the first quarter. Russell Investments Group Ltd. now owns 133,650 shares of the company’s stock valued at $303,000 after buying an additional 83,002 shares during the last quarter. 30.05% of the stock is owned by 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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