Glu Mobile Inc. (GLUU) Sees Large Volume Increase
Shares of Glu Mobile Inc. (NASDAQ:GLUU) saw unusually-strong trading volume on Monday . Approximately 1,637,925 shares traded hands during trading, an increase of 4% from the previous session’s volume of 1,577,658 shares.The stock last traded at $2.45 and had previously closed at $2.35.
A number of brokerages have recently issued reports on GLUU. Zacks Investment Research raised shares of Glu Mobile from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a report on Tuesday, March 29th. Canaccord Genuity reissued a “hold” rating and issued a $4.00 price target on shares of Glu Mobile in a report on Monday, April 4th. Roth Capital downgraded shares of Glu Mobile from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $4.15 to $2.50 in a report on Wednesday, May 4th. Wedbush lowered their price target on shares of 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 shares of Glu Mobile from a “buy” rating to a “hold” rating and lowered their price target for the stock from $3.68 to $2.70 in a report on Wednesday, May 4th. Two equities 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 assigned a strong buy rating to the stock. Glu Mobile has an average rating of “Hold” and a consensus target price of $3.60.
The company has a 50-day moving average of $2.32 and a 200-day moving average of $2.66. The firm’s market cap is $321.51 million.
Glu Mobile (NASDAQ:GLUU) last released its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. During the same quarter in the prior year, the firm earned $0.02 earnings per share. The firm had revenue of $54 million for the quarter, compared to the consensus estimate of $48.20 million. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year. On average, analysts predict that Glu Mobile Inc. will post ($0.14) EPS for the current fiscal year.
In related news, VP Gregory J. Cannon sold 45,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $3.00, for a total transaction of $135,000.00. Following the completion of the transaction, the vice president now directly owns 128,770 shares in the company, valued at approximately $386,310. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William J. Miller sold 20,100 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $2.34, for a total value of $47,034.00. Following the transaction, the director now owns 95,100 shares of the company’s stock, valued at $222,534. The disclosure for this sale can be found here.
An institutional investor recently bought a new position in Glu Mobile stock. Alambic Investment Management L.P. acquired a new position in shares of Glu Mobile Inc. (NASDAQ:GLUU) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 494,100 shares of the company’s stock, valued at approximately $1,201,000. Glu Mobile comprises approximately 0.7% of Alambic Investment Management L.P.’s investment portfolio, making the stock its 18th largest position. Alambic Investment Management L.P. owned approximately 0.38% of Glu Mobile at the end of the most recent quarter.
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.