Zacks Investment Research Upgrades Glu Mobile Inc. (GLUU) to Buy
Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $4.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 9.59% from the company’s current price.
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 analysts also recently issued reports about the company. Roth Capital set a $4.00 price target on Glu Mobile and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Stifel Nicolaus reiterated 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. ValuEngine upgraded Glu Mobile from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Finally, Canaccord Genuity reiterated 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 assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $3.17.
Shares of Glu Mobile (NASDAQ GLUU) opened at 3.65 on Friday. Glu Mobile has a 12-month low of $1.73 and a 12-month high of $3.83. The stock has a 50 day moving average price of $3.33 and a 200 day moving average price of $2.67. The stock’s market capitalization is $494.26 million.
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In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of Glu Mobile stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $3.43, for a total value of $85,750.00. Following the completion of the transaction, the chief operating officer now directly owns 82,000 shares in the company, valued at $281,260. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Eric R. Ludwig sold 49,000 shares of Glu Mobile stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $3.12, for a total value of $152,880.00. Following the completion of the transaction, the chief operating officer now owns 68,250 shares of the company’s stock, valued at $212,940. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. IHT Wealth Management LLC bought a new stake in shares of Glu Mobile during the second quarter valued at approximately $592,000. American International Group Inc. raised its holdings in shares of Glu Mobile by 7.1% during the first quarter. American International Group Inc. now owns 63,380 shares of the company’s stock valued at $144,000 after buying an additional 4,196 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Glu Mobile by 4.0% during the second quarter. Prudential Financial Inc. now owns 119,504 shares of the company’s stock valued at $299,000 after buying an additional 4,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Glu Mobile by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 375,890 shares of the company’s stock valued at $940,000 after buying an additional 5,818 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Glu Mobile by 15.0% during the second quarter. Goldman Sachs Group Inc. now owns 54,822 shares of the company’s stock valued at $137,000 after buying an additional 7,131 shares during the last quarter. Institutional investors 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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