Glu Mobile Inc. (GLUU) Sees Strong Trading Volume
Shares of Glu Mobile Inc. (NASDAQ:GLUU) saw strong trading volume on Monday . 1,866,997 shares were traded during mid-day trading, a decline of 5% from the previous session’s volume of 1,973,987 shares.The stock last traded at $2.64 and had previously closed at $2.56.
Several equities analysts have recently weighed in on the company. Benchmark Co. cut Glu Mobile from a “buy” rating to a “hold” rating and decreased their price objective for the company from $3.68 to $2.70 in a report on Wednesday, May 4th. Wedbush decreased their price objective on Glu Mobile from $3.30 to $2.65 and set a “neutral” rating for the company in a report on Wednesday, May 4th. Zacks Investment Research cut Glu Mobile from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Roth Capital decreased their price objective on Glu Mobile from $5.25 to $4.15 and set a “buy” rating for the company in a report on Tuesday, April 26th. Finally, Canaccord Genuity restated a “hold” rating and issued a $4.00 price objective on shares of Glu Mobile in a report on Monday, April 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $3.60.
The stock has a 50 day moving average of $2.34 and a 200 day moving average of $2.67. The company’s market capitalization is $378.40 million.
Glu Mobile (NASDAQ:GLUU) last posted its earnings results on Tuesday, May 3rd. The company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The business earned $54 million during the quarter, compared to analyst estimates of $48.20 million. The company’s revenue was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. Analysts anticipate that Glu Mobile Inc. will post ($0.14) EPS for the current fiscal year.
In related news, VP Gregory J. Cannon sold 55,000 shares of the company’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $2.50, for a total value of $137,500.00. Following the sale, the vice president now owns 83,771 shares in the company, valued at approximately $209,427.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ann Mather sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $2.36, for a total transaction of $59,000.00. Following the completion of the sale, the director now owns 53,666 shares in the company, valued at approximately $126,651.76. 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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