Glu Mobile Inc. (NASDAQ:GLUU) was the target of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,867,434 shares, a drop of 37.2% from the January 15th total of 7,754,533 shares. Currently, 4.3% of the company’s shares are sold short. Based on an average daily volume of 1,965,112 shares, the days-to-cover ratio is currently 2.5 days.
In related news, Director Benjamin T. Iv Smith sold 179,595 shares of the stock in a transaction on Thursday, December 6th. The stock was sold at an average price of $7.37, for a total value of $1,323,615.15. Following the completion of the transaction, the director now owns 189,595 shares in the company, valued at approximately $1,397,315.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in GLUU. BlackRock Inc. boosted its position in Glu Mobile by 6.4% during the 2nd quarter. BlackRock Inc. now owns 7,702,726 shares of the company’s stock worth $49,374,000 after acquiring an additional 460,693 shares during the period. Bank of New York Mellon Corp boosted its position in Glu Mobile by 34.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 650,254 shares of the company’s stock worth $4,168,000 after acquiring an additional 165,118 shares during the period. Northern Trust Corp lifted its holdings in shares of Glu Mobile by 14.3% during the 2nd quarter. Northern Trust Corp now owns 1,321,499 shares of the company’s stock valued at $8,471,000 after buying an additional 165,276 shares during the last quarter. Handelsinvest Investeringsforvaltning lifted its holdings in shares of Glu Mobile by 100.0% during the 3rd quarter. Handelsinvest Investeringsforvaltning now owns 400,000 shares of the company’s stock valued at $2,980,000 after buying an additional 200,000 shares during the last quarter. Finally, Columbus Circle Investors lifted its holdings in shares of Glu Mobile by 27.2% during the 3rd quarter. Columbus Circle Investors now owns 1,253,830 shares of the company’s stock valued at $9,341,000 after buying an additional 267,844 shares during the last quarter. Hedge funds and other institutional investors own 58.12% of the company’s stock.
Shares of NASDAQ GLUU opened at $9.30 on Tuesday. Glu Mobile has a one year low of $3.20 and a one year high of $10.41. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -116.25, a price-to-earnings-growth ratio of 3.51 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.26 and a quick ratio of 1.26.
A number of equities analysts recently weighed in on GLUU shares. Wedbush reiterated a “hold” rating and issued a $9.00 price target on shares of Glu Mobile in a research report on Wednesday, January 30th. Stephens started coverage on Glu Mobile in a research report on Thursday, January 10th. They issued an “overweight” rating and a $10.50 price target for the company. Zacks Investment Research upgraded Glu Mobile from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research report on Tuesday, November 13th. BidaskClub upgraded Glu Mobile from a “hold” rating to a “buy” rating in a research report on Saturday, November 10th. Finally, Cowen raised their price objective on Glu Mobile to $9.50 and gave the stock an “outperform” rating in a research report on Monday, December 10th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $9.31.
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Glu Mobile Company Profile
Glu Mobile Inc develops, publishes, and markets a portfolio of free-to-play mobile games for the users of smartphones and tablet devices. The company publishes titles in four genres, including home décor, sports and action, fashion and celebrity, and time management. It creates games based on its own brands, including Contract Killer, Cooking Dash, Covet Fashion, Deer Hunter, Design Home, and QuizUp.
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