Glu Mobile Inc. (GLUU) Short Interest Down 7.8% in August
Glu Mobile Inc. (NASDAQ:GLUU) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 12,085,564 shares, a decrease of 7.8% from the August 15th total of 13,112,775 shares. Approximately 11.7% of the shares of the company are short sold. Based on an average daily volume of 2,723,851 shares, the short-interest ratio is presently 4.4 days.
In related news, COO Eric R. Ludwig sold 49,000 shares of the stock in a transaction dated 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 approximately $212,940. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric R. Ludwig sold 25,000 shares of the stock in a transaction dated 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. 5.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in GLUU. Menta Capital LLC acquired a new stake in Glu Mobile in the first quarter valued at about $3,359,000. Northern Right Capital Management L.P. boosted its stake in Glu Mobile by 109.9% in the second quarter. Northern Right Capital Management L.P. now owns 2,759,786 shares of the company’s stock valued at $6,899,000 after buying an additional 1,444,816 shares in the last quarter. Quantitative Investment Management LLC acquired a new stake in Glu Mobile in the second quarter valued at about $1,721,000. ETF Managers Group LLC acquired a new stake in Glu Mobile in the second quarter valued at about $1,099,000. Finally, Engineers Gate Manager LP boosted its stake in Glu Mobile by 214.6% in the second quarter. Engineers Gate Manager LP now owns 583,115 shares of the company’s stock valued at $1,458,000 after buying an additional 397,771 shares in the last quarter. 35.14% of the stock is currently owned by institutional investors and hedge funds.
Glu Mobile (NASDAQ GLUU) opened at 3.59 on Friday. The company’s market capitalization is $485.46 million. Glu Mobile has a 12-month low of $1.73 and a 12-month high of $3.70. The company has a 50 day moving average price of $3.24 and a 200-day moving average price of $2.62.
GLUU has been the subject of several research reports. Zacks Investment Research upgraded shares of Glu Mobile from a “hold” rating to a “buy” rating and set a $3.50 price objective for the company in a research report on Monday, August 7th. Roth Capital set a $4.00 target price on shares of Glu Mobile and gave the stock a “buy” rating in a report on Thursday, August 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $2.80 target price on shares of Glu Mobile in a report on Monday, July 10th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $3.08.
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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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