Glu Mobile Inc. (GLUU) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Glu Mobile Inc. (NASDAQ:GLUU) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. They currently have $3.75 price target on the stock.
According to Zacks, “GLU MOBILE INC., is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and Brain Genius, and titles based on major brands from partners including Atari, Activision, Konami, Harrah’s, Hasbro, Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Glu is based in San Mateo, Calif. and has offices in London, France, Germany, Spain, Italy, Sweden, Poland, Russia, Hong Kong, China, Brazil, Chile, Canada and San Clemente, Calif. “
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus restated a buy rating and issued a $3.30 price target (up from $2.80) on shares of Glu Mobile in a research note on Monday, July 31st. Roth Capital set a $4.00 price target on shares of Glu Mobile and gave the company a buy rating in a research note on Friday, July 28th. ValuEngine upgraded shares of Glu Mobile from a sell rating to a hold rating in a research note on Friday, August 18th. Wedbush restated a hold rating on shares of Glu Mobile in a research note on Wednesday, August 2nd. Finally, Canaccord Genuity restated a hold rating and issued a $3.00 price target on shares of Glu Mobile in a research note on Thursday, August 10th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $3.06.
Shares of Glu Mobile (NASDAQ GLUU) traded down 1.71% during trading on Wednesday, hitting $3.44. 1,467,062 shares of the company’s stock were exchanged. Glu Mobile has a 1-year low of $1.73 and a 1-year high of $3.70. The stock’s 50-day moving average price is $3.15 and its 200-day moving average price is $2.58. The stock’s market cap is $465.82 million.
In related news, COO Eric R. Ludwig sold 25,000 shares of Glu Mobile stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Eric R. Ludwig sold 49,000 shares of Glu Mobile stock in a transaction that occurred 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. 5.60% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. IHT Wealth Management LLC acquired a new stake in Glu Mobile during the 2nd quarter worth approximately $592,000. Goldman Sachs Group Inc. boosted its position in Glu Mobile by 125.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock worth $108,000 after buying an additional 26,535 shares during the period. Creative Planning boosted its position in Glu Mobile by 1.8% during the 1st quarter. Creative Planning now owns 49,901 shares of the company’s stock worth $113,000 after buying an additional 901 shares during the period. Emerald Advisers Inc. PA acquired a new stake in Glu Mobile during the 2nd quarter worth approximately $141,000. Finally, Voya Investment Management LLC boosted its position in Glu Mobile by 19.2% during the 2nd quarter. Voya Investment Management LLC now owns 56,969 shares of the company’s stock worth $142,000 after buying an additional 9,186 shares during the period. Institutional investors and hedge funds own 35.14% of the company’s stock.
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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