Glu Mobile Inc. (GLUU) Shares Down 3.1%
Glu Mobile Inc. (NASDAQ:GLUU) dropped 3.1% during mid-day trading on Monday . The company traded as low as $2.45 and last traded at $2.48, with a volume of 1,591,576 shares. The stock had previously closed at $2.56.
GLUU has been the subject of a number of research analyst reports. Zacks Investment Research raised Glu Mobile from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research note on Tuesday, March 29th. Canaccord Genuity restated a “hold” rating and set a $4.00 price objective on shares of Glu Mobile in a report on Monday, April 4th. Roth Capital downgraded Glu Mobile from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $4.15 to $2.50 in a report on Wednesday, May 4th. Wedbush reduced their price objective on Glu Mobile from $3.30 to $2.65 and set a “neutral” rating on the stock in a report on Wednesday, May 4th. Finally, Benchmark Co. downgraded Glu Mobile from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $3.68 to $2.70 in a report on Wednesday, May 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Glu Mobile has an average rating of “Hold” and an average price target of $3.60.
The stock’s 50-day moving average price is $2.37 and its 200 day moving average price is $2.67. The company’s market cap is $326.80 million.
Glu Mobile (NASDAQ:GLUU) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The company earned $54 million during the quarter, compared to the consensus estimate of $48.20 million. Glu Mobile’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same period last year, the company earned $0.02 earnings per share. Analysts anticipate that Glu Mobile Inc. will post ($0.14) earnings per share for the current fiscal year.
In other news, Director Ann Mather sold 20,100 shares of the firm’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $2.48, for a total transaction of $49,848.00. Following the completion of the transaction, the director now directly owns 48,766 shares of the company’s stock, valued at approximately $120,939.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Gregory J. Cannon sold 55,000 shares of the firm’s stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $2.50, for a total transaction of $137,500.00. Following the transaction, the vice president now directly owns 83,771 shares of the company’s stock, valued at $209,427.50. The disclosure for this sale can be found here.
Glu Mobile Inc develops, publishes and markets a portfolio of games. The Company offers games to a cross section of users of smartphones and tablet devices who download and make purchases within its games through direct-to-consumer digital storefronts, such as the Apple App Store, Google Play Store and Amazon Appstore, among others.
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