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 Monday, August 7th. The firm presently has a $3.50 target price on the stock. Zacks Investment Research‘s price target points to a potential upside of 9.37% from the company’s previous close.
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. “
GLUU has been the topic of a number of other research reports. Roth Capital set a $4.00 target price on Glu Mobile and gave the stock a “buy” rating in a report on Thursday, August 3rd. Canaccord Genuity restated a “hold” rating and set a $3.00 target price on shares of Glu Mobile in a report on Friday, June 30th. Stifel Nicolaus restated a “buy” rating and set a $3.30 target price (up previously from $2.80) on shares of Glu Mobile in a report on Monday, July 31st. Cowen and Company reaffirmed an “outperform” rating and set a $3.50 price target (up previously from $3.00) on shares of Glu Mobile in a research report on Wednesday, August 2nd. Finally, Mizuho raised their price target on Glu Mobile from $2.40 to $2.80 and gave the stock a “neutral” rating in a research report on Thursday, May 4th. 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 company. Glu Mobile currently has an average rating of “Buy” and a consensus target price of $3.03.
Glu Mobile (NASDAQ GLUU) traded up 4.58% during mid-day trading on Monday, reaching $3.20. The company’s stock had a trading volume of 3,041,750 shares. The company’s market cap is $433.32 million. The stock’s 50 day moving average is $2.79 and its 200 day moving average is $2.46. Glu Mobile has a 12 month low of $1.73 and a 12 month high of $3.23.
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In related news, 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 value of $152,880.00. Following the sale, the chief operating officer now owns 68,250 shares of the company’s stock, valued at approximately $212,940. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Masi Niccolo De sold 339,648 shares of Glu Mobile stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $2.59, for a total value of $879,688.32. Following the completion of the sale, the insider now directly owns 537,228 shares in the company, valued at approximately $1,391,420.52. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Menta Capital LLC purchased a new stake in shares of Glu Mobile during the first quarter worth about $3,359,000. Princeton Portfolio Strategies Group LLC bought a new position in Glu Mobile during the first quarter worth $153,000. American International Group Inc. increased its position in Glu Mobile by 7.1% in the first quarter. American International Group Inc. now owns 63,380 shares of the company’s stock worth $144,000 after buying an additional 4,196 shares in the last quarter. SG Americas Securities LLC bought a new position in Glu Mobile during the first quarter worth $582,000. Finally, Parametric Portfolio Associates LLC bought a new position in Glu Mobile during the first quarter worth $184,000. 29.85% of the stock is currently owned by institutional investors and hedge funds.
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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