Glu Mobile’s (GLUU) “Hold” Rating Reaffirmed at Canaccord Genuity
GLUU has been the topic of a number of other reports. Wedbush reduced their price target on shares of Glu Mobile from $2.65 to $2.45 and set a neutral rating on the stock in a research report on Friday, July 29th. Roth Capital reiterated a neutral rating and set a $2.50 price target on shares of Glu Mobile in a research report on Thursday, July 28th. Zacks Investment Research cut shares of Glu Mobile from a hold rating to a sell rating in a research report on Wednesday, August 3rd. Finally, Northland Securities cut shares of Glu Mobile from an outperform rating to a market perform rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $3.41.
Glu Mobile (NASDAQ:GLUU) traded up 0.682% during midday trading on Tuesday, reaching $2.215. The company’s stock had a trading volume of 205,052 shares. The stock’s 50-day moving average price is $2.25 and its 200 day moving average price is $2.44. The firm’s market capitalization is $294.59 million. Glu Mobile has a 1-year low of $1.98 and a 1-year high of $4.45.
Glu Mobile (NASDAQ:GLUU) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. Glu Mobile had a negative return on equity of 4.78% and a negative net margin of 12.90%. The company had revenue of $48.40 million for the quarter, compared to the consensus estimate of $47.25 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was down 13.9% on a year-over-year basis. Equities analysts anticipate that Glu Mobile will post ($0.15) EPS for the current fiscal year.
In other Glu Mobile news, CFO Eric R. Ludwig sold 26,119 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $2.32, for a total transaction of $60,596.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Gregory J. Cannon sold 55,000 shares of the business’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $2.50, for a total value of $137,500.00. Following the sale, the vice president now owns 83,771 shares of the company’s stock, valued at $209,427.50. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GLUU. State Board of Administration of Florida Retirement System increased its stake in 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. Bayesian Capital Management LP bought a new position in shares of Glu Mobile during the first quarter worth about $140,000. Penserra Capital Management LLC increased its position 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 during the period. Creative Planning increased its position 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 during the period. Finally, Paloma Partners Management Co bought a new position in shares of Glu Mobile during the second quarter worth about $140,000. Institutional investors and hedge funds own 28.08% of the company’s stock.
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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