Glu Mobile Inc. (GLUU) Upgraded to Buy by Zacks Investment Research
Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $4.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.58% from the stock’s previous close.
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 brokerages also recently commented on GLUU. Stifel Nicolaus restated a “buy” rating on shares of Glu Mobile in a research report on Thursday, September 7th. Roth Capital restated a “buy” rating and set a $4.00 price objective on shares of Glu Mobile in a research report on Tuesday, September 5th. ValuEngine raised shares of Glu Mobile from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Canaccord Genuity reaffirmed a “hold” rating and set a $3.00 target price on shares of Glu Mobile in a research note on Thursday, August 10th. Finally, BidaskClub raised shares of Glu Mobile from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Glu Mobile presently has a consensus rating of “Buy” and a consensus price target of $3.08.
Glu Mobile (NASDAQ GLUU) traded up 0.99% during midday trading on Thursday, reaching $3.59. The company had a trading volume of 1,790,560 shares. The company’s market capitalization is $485.46 million. The stock’s 50 day moving average is $3.24 and its 200 day moving average is $2.62. Glu Mobile has a one year low of $1.73 and a one year high of $3.70.
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In related news, COO Eric R. Ludwig sold 49,000 shares of the business’s stock in a transaction 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 sale, the chief operating officer now owns 68,250 shares of the company’s stock, valued at $212,940. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Eric R. Ludwig sold 25,000 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 82,000 shares in the company, valued at approximately $281,260. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System grew its stake in shares of Glu Mobile by 107.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 46,073 shares of the company’s stock worth $101,000 after purchasing an additional 23,910 shares during the last quarter. Capital Advisors Inc. OK bought a new stake in shares of Glu Mobile in the third quarter worth $103,000. Goldman Sachs Group Inc. grew its stake in shares of Glu Mobile by 125.4% in the first quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock worth $108,000 after purchasing an additional 26,535 shares during the last quarter. BlackRock Group LTD grew its stake in shares of Glu Mobile by 65.2% in the first quarter. BlackRock Group LTD now owns 40,101 shares of the company’s stock worth $113,000 after purchasing an additional 15,823 shares during the last quarter. Finally, Creative Planning grew its stake in shares of Glu Mobile by 1.8% in the first quarter. Creative Planning now owns 49,901 shares of the company’s stock worth $113,000 after purchasing an additional 901 shares during the last quarter. 35.14% of the stock is currently owned by institutional investors.
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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