Glu Mobile’s (GLUU) Hold Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reiterated their hold rating on shares of Glu Mobile Inc. (NASDAQ:GLUU) in a research report sent to investors on Monday. Canaccord Genuity currently has a $3.00 price target on the stock.
Several other equities research analysts have also recently commented on GLUU. Zacks Investment Research cut Glu Mobile from a hold rating to a sell rating in a report on Tuesday, July 4th. Stifel Nicolaus reissued a buy rating and set a $2.80 target price on shares of Glu Mobile in a research note on Monday, July 10th. BidaskClub raised Glu Mobile from a buy rating to a strong-buy rating in a research note on Monday, July 24th. Roth Capital set a $4.00 target price on Glu Mobile and gave the stock a buy rating in a research note on Friday, July 28th. Finally, Wedbush reissued a hold rating on shares of Glu Mobile in a research note on Wednesday, August 2nd. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $3.66.
Shares of Glu Mobile (NASDAQ:GLUU) traded up 1.908% during mid-day trading on Monday, reaching $4.005. The company had a trading volume of 2,938,966 shares. Glu Mobile has a 52 week low of $1.73 and a 52 week high of $4.73. The company’s market capitalization is $542.33 million. The stock has a 50 day moving average of $3.86 and a 200-day moving average of $3.04.
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In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $3.43, for a total transaction of $85,750.00. Following the transaction, the chief operating officer now owns 82,000 shares in the company, valued at approximately $281,260. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric R. Ludwig sold 49,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $3.12, for a total value of $152,880.00. Following the transaction, the chief operating officer now owns 68,250 shares in the company, valued at approximately $212,940. The disclosure for this sale can be found here. Insiders sold a total of 1,100,456 shares of company stock worth $4,657,547 in the last 90 days. 5.60% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in Glu Mobile by 125.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock valued at $108,000 after buying an additional 26,535 shares in the last quarter. Emerald Advisers Inc. PA purchased a new position in shares of Glu Mobile during the 2nd quarter worth $141,000. Voya Investment Management LLC lifted its stake in shares of 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 purchasing an additional 9,186 shares during the period. American International Group Inc. lifted its stake in shares of Glu Mobile by 7.1% during the 1st quarter. American International Group Inc. now owns 63,380 shares of the company’s stock worth $144,000 after purchasing an additional 4,196 shares during the period. Finally, Capital Advisors Inc. OK lifted its stake in shares of Glu Mobile by 43.3% during the 2nd quarter. Capital Advisors Inc. OK now owns 65,900 shares of the company’s stock worth $165,000 after purchasing an additional 19,900 shares during the period. Institutional investors own 35.08% 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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