Brokerages Set Glu Mobile Inc. (NASDAQ:GLUU) Target Price at $3.14
Shares of Glu Mobile Inc. (NASDAQ:GLUU) have been assigned a consensus recommendation of “Hold” from the twelve brokerages that are currently covering the firm. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $3.14.
Several analysts recently issued reports on the company. Roth Capital reissued a “neutral” rating and set a $2.50 target price on shares of Glu Mobile in a research note on Thursday, July 28th. Wedbush cut their price target on Glu Mobile from $2.65 to $2.45 and set a “neutral” rating for the company in a report on Friday, July 29th. Northland Securities cut Glu Mobile from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 3rd. Zacks Investment Research upgraded Glu Mobile from a “sell” rating to a “hold” rating in a report on Tuesday, August 9th. Finally, Canaccord Genuity restated a “neutral” rating and set a $3.00 price target on shares of Glu Mobile in a report on Friday, August 5th.
In related news, CFO Eric R. Ludwig sold 26,119 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $2.32, for a total transaction of $60,596.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gregory J. Cannon sold 55,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $2.50, for a total value of $137,500.00. Following the sale, the vice president now directly owns 83,771 shares of the company’s stock, valued at $209,427.50. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.
Large investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised 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 buying an additional 23,910 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Glu Mobile by 35.4% in the second quarter. Penserra Capital Management LLC now owns 58,024 shares of the company’s stock worth $128,000 after buying an additional 15,160 shares in the last quarter. Creative Planning raised its stake in shares of Glu Mobile by 27.6% in the second quarter. Creative Planning now owns 62,500 shares of the company’s stock worth $138,000 after buying an additional 13,500 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Glu Mobile during the first quarter worth about $140,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Glu Mobile during the second quarter worth about $140,000. 28.08% of the stock is owned by hedge funds and other institutional investors.
Glu Mobile (NASDAQ:GLUU) opened at 2.18 on Tuesday. The company’s 50 day moving average price is $2.25 and its 200-day moving average price is $2.47. The company’s market cap is $289.93 million. Glu Mobile has a one year low of $1.98 and a one year high of $4.45.
Glu Mobile (NASDAQ:GLUU) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $48.40 million for the quarter, compared to the consensus estimate of $47.25 million. Glu Mobile had a negative return on equity of 4.78% and a negative net margin of 12.90%. The firm’s quarterly revenue was down 13.9% on a year-over-year basis. During the same quarter last year, the company earned $0.01 EPS. On average, analysts forecast that Glu Mobile will post ($0.15) EPS for the current fiscal year.
About Glu Mobile
Glu Mobile Inc develops, publishes and markets a portfolio of games. The Company’s games appeal to a cross section of the users of smartphones and tablet devices who download and make purchases within its games through direct-to-consumer digital storefronts. It operates through mobile games segment. It operates in various geographical regions, including the United States; Americas, excluding the United States; Europe, the Middle East and Africa (EMEA), and Asia Pacific.
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