Short Interest in Glu Mobile Inc. (GLUU) Declines By 59.1%
Glu Mobile Inc. (NASDAQ:GLUU) saw a large decline in short interest in September. As of September 29th, there was short interest totalling 4,622,456 shares, a decline of 59.1% from the September 15th total of 11,299,327 shares. Based on an average daily volume of 3,081,019 shares, the short-interest ratio is currently 1.5 days. Approximately 4.5% of the shares of the stock are sold short.
In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $3.43, for a total transaction of $85,750.00. Following the sale, the chief operating officer now directly owns 82,000 shares in the company, valued at approximately $281,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric R. Ludwig sold 49,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $3.12, for a total transaction of $152,880.00. Following the sale, the chief operating officer now owns 68,250 shares in the company, valued at $212,940. The disclosure for this sale can be found here. Insiders have sold a total of 334,000 shares of company stock worth $1,200,830 over the last 90 days. Insiders own 5.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GLUU. Northern Right Capital Management L.P. boosted its position in shares of Glu Mobile by 109.9% in the 2nd quarter. Northern Right Capital Management L.P. now owns 2,759,786 shares of the company’s stock valued at $6,899,000 after purchasing an additional 1,444,816 shares during the period. Quantitative Investment Management LLC purchased a new stake in Glu Mobile in the 2nd quarter worth about $1,721,000. ETF Managers Group LLC purchased a new stake in Glu Mobile in the 2nd quarter worth about $1,099,000. Engineers Gate Manager LP lifted its stake in Glu Mobile by 214.6% in the 2nd quarter. Engineers Gate Manager LP now owns 583,115 shares of the company’s stock worth $1,458,000 after acquiring an additional 397,771 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Glu Mobile in the 1st quarter worth about $877,000. Institutional investors and hedge funds own 35.14% of the company’s stock.
Several equities research analysts have commented on the stock. Roth Capital set a $4.00 target price on shares of Glu Mobile and gave the stock a “buy” rating in a research report on Thursday, August 17th. Stifel Nicolaus restated a “buy” rating on shares of Glu Mobile in a research report on Thursday, September 7th. ValuEngine upgraded shares of Glu Mobile from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Cowen and Company restated an “outperform” rating and set a $3.50 target price (up from $3.00) on shares of Glu Mobile in a research report on Wednesday, August 2nd. Finally, Wedbush restated a “hold” rating on shares of Glu Mobile in a research report on Wednesday, August 2nd. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Glu Mobile currently has an average rating of “Buy” and a consensus target price of $3.19.
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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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