Glu Mobile Inc. (GLUU) Position Cut by Bank of New York Mellon Corp
Bank of New York Mellon Corp decreased its stake in shares of Glu Mobile Inc. (NASDAQ:GLUU) by 19.5% during the second quarter, Holdings Channel reports. The firm owned 441,508 shares of the company’s stock after selling 106,720 shares during the period. Bank of New York Mellon Corp owned 0.33% of Glu Mobile worth $971,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Bayesian Capital Management LP acquired a new stake in Glu Mobile during the first quarter worth approximately $140,000. Creative Planning raised its stake in shares of Glu Mobile by 27.6% in the second quarter. Creative Planning now owns 62,500 shares of the company’s stock valued at $138,000 after buying an additional 13,500 shares during the period. Pacad Investment Ltd. raised its stake in shares of Glu Mobile by 86.0% in the first quarter. Pacad Investment Ltd. now owns 74,400 shares of the company’s stock valued at $210,000 after buying an additional 34,400 shares during the period. Menta Capital LLC purchased a new stake in shares of Glu Mobile during the first quarter valued at $232,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Glu Mobile by 1.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 85,369 shares of the company’s stock valued at $241,000 after buying an additional 1,225 shares during the period. Institutional investors and hedge funds own 28.08% of the company’s stock.
Shares of Glu Mobile Inc. (NASDAQ:GLUU) traded down 0.97% during trading on Friday, hitting $2.04. The company had a trading volume of 1,262,445 shares. The company’s market capitalization is $271.31 million. The stock’s 50-day moving average price is $2.23 and its 200 day moving average price is $2.41. Glu Mobile Inc. has a 52 week low of $1.98 and a 52 week high of $4.45.
Glu Mobile (NASDAQ:GLUU) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business earned $48.40 million during the quarter, compared to analysts’ expectations of $47.25 million. Glu Mobile had a negative return on equity of 4.78% and a negative net margin of 12.90%. The firm’s revenue for the quarter was down 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.01 EPS. On average, equities research analysts forecast that Glu Mobile Inc. will post ($0.15) earnings per share for the current year.
A number of research analysts have weighed in on GLUU shares. Zacks Investment Research raised Glu Mobile from a “sell” rating to a “hold” rating in a report on Tuesday, August 9th. Wedbush cut their price objective on Glu Mobile from $2.65 to $2.45 and set a “neutral” rating for the company in a report on Friday, July 29th. Canaccord Genuity reissued a “neutral” rating and set a $3.00 price objective on shares of Glu Mobile in a report on Friday, August 5th. Roth Capital restated a “neutral” rating and issued a $2.00 target price (down previously from $2.50) on shares of Glu Mobile in a research report on Friday, August 5th. Finally, Northland Securities downgraded 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 given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $3.41.
In other Glu Mobile news, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.80% of the company’s stock.
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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