Glu Mobile Inc. (NASDAQ:GLUU)‘s stock had its “hold” rating reissued by Canaccord Genuity in a research report issued to clients and investors on Tuesday. They presently have a $3.00 price objective on the stock. Canaccord Genuity’s price objective points to a potential upside of 35.14% from the stock’s previous close.
GLUU has been the topic of several other reports. Roth Capital reiterated a “neutral” rating and set a $2.50 price objective on shares of Glu Mobile in a report on Thursday, July 28th. Wedbush dropped their target price on shares of Glu Mobile from $2.65 to $2.45 and set a “neutral” rating for the company in a research report on Friday, July 29th. Zacks Investment Research raised shares of Glu Mobile from a “sell” rating to a “hold” rating in a research report on Tuesday, August 9th. Finally, Northland Securities downgraded shares of Glu Mobile from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 3rd. One investment 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’s stock. The stock currently has an average rating of “Hold” and an average price target of $3.41.
Shares of Glu Mobile (NASDAQ:GLUU) opened at 2.23 on Tuesday. The stock’s market cap is $296.58 million. Glu Mobile has a 12 month low of $1.98 and a 12 month high of $4.45. The stock’s 50 day moving average is $2.25 and its 200 day moving average is $2.44.
Glu Mobile (NASDAQ:GLUU) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business had revenue of $48.40 million for the quarter, compared to analyst estimates of $47.25 million. Glu Mobile had a negative net margin of 12.90% and a negative return on equity of 4.78%. The company’s revenue was down 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. Analysts predict that Glu Mobile will post ($0.15) earnings per share for the current fiscal year.
In other Glu Mobile news, VP Gregory J. Cannon sold 55,000 shares of the stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $2.50, for a total value of $137,500.00. Following the completion of the sale, the vice president now owns 83,771 shares of the company’s stock, valued at $209,427.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. 4.80% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. 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 during the last quarter. Penserra Capital Management LLC increased its stake in 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 last quarter. Creative Planning increased its stake in 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 last quarter. Bayesian Capital Management LP bought a new stake in Glu Mobile during the first quarter worth $140,000. Finally, Paloma Partners Management Co bought a new stake in Glu Mobile during the second quarter worth $140,000. 28.08% of the stock is owned by institutional investors and hedge funds.
Glu Mobile Company Profile
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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