Wedbush Reiterates “$5.00” Price Target for Glu Mobile (GLUU)

Glu Mobile (NASDAQ:GLUU) has been given a $5.00 price objective by research analysts at Wedbush in a research report issued to clients and investors on Friday. The brokerage currently has a “hold” rating on the stock. Wedbush’s price target would suggest a potential upside of 53.85% from the company’s previous close.

GLUU has been the subject of several other reports. ValuEngine cut shares of Glu Mobile from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Stifel Nicolaus reaffirmed a “buy” rating and set a $4.50 target price (up from $3.30) on shares of Glu Mobile in a research note on Tuesday, October 31st. Zacks Investment Research cut shares of Glu Mobile from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. BidaskClub cut shares of Glu Mobile from a “hold” rating to a “sell” rating in a research note on Thursday, January 25th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $3.00 target price on shares of Glu Mobile in a research note on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Glu Mobile has an average rating of “Hold” and a consensus price target of $4.01.

Glu Mobile (NASDAQ:GLUU) traded down $0.17 on Friday, reaching $3.25. 4,828,641 shares of the company traded hands, compared to its average volume of 2,541,356. The stock has a market capitalization of $468.66, a PE ratio of -4.51 and a beta of 1.61. Glu Mobile has a 52 week low of $1.85 and a 52 week high of $4.95. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.03.

In other Glu Mobile news, COO Eric R. Ludwig sold 33,000 shares of Glu Mobile stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $3.90, for a total value of $128,700.00. Following the completion of the transaction, the chief operating officer now directly owns 72,000 shares of the company’s stock, valued at approximately $280,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.60% of the company’s stock.

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in shares of Glu Mobile by 4,428.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 243,709 shares of the company’s stock worth $899,000 after purchasing an additional 238,327 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Glu Mobile by 371.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 696,400 shares of the company’s stock worth $2,618,000 after purchasing an additional 548,600 shares during the period. State Street Corp boosted its stake in shares of Glu Mobile by 6.7% during the 2nd quarter. State Street Corp now owns 1,914,877 shares of the company’s stock worth $4,791,000 after purchasing an additional 120,550 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Glu Mobile by 114.1% during the 2nd quarter. Alliancebernstein L.P. now owns 191,000 shares of the company’s stock worth $478,000 after purchasing an additional 101,800 shares during the period. Finally, EAM Investors LLC purchased a new position in shares of Glu Mobile during the 3rd quarter worth about $2,327,000. 35.62% of the stock is owned by institutional investors and hedge funds.

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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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