Glu Mobile Inc. (GLUU) Shares Down 6.2%
Glu Mobile Inc. (NASDAQ:GLUU) dropped 6.2% on Tuesday . The company traded as low as $2.25 and last traded at $2.27, with a volume of 3,054,755 shares. The stock had previously closed at $2.42.
GLUU has been the subject of a number of recent research reports. Roth Capital dropped their price target on shares of Glu Mobile from $5.25 to $4.15 and set a “buy” rating for the company in a research note on Tuesday, April 26th. Zacks Investment Research downgraded shares of Glu Mobile from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Benchmark Co. downgraded shares of Glu Mobile from a “buy” rating to a “hold” rating and dropped their price target for the stock from $3.68 to $2.70 in a research note on Wednesday, May 4th. Wedbush set a $2.25 price target on shares of Glu Mobile and gave the stock a “hold” rating in a research note on Wednesday. Finally, Northland Securities downgraded shares of Glu Mobile from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Glu Mobile currently has an average rating of “Hold” and a consensus price target of $3.56.
The stock has a 50 day moving average of $2.38 and a 200 day moving average of $2.67. The company’s market capitalization is $281.42 million.
Glu Mobile (NASDAQ:GLUU) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. During the same quarter in the previous year, the business posted $0.01 earnings per share. The company earned $48.40 million during the quarter, compared to analyst estimates of $47.25 million. The company’s revenue for the quarter was down 13.9% on a year-over-year basis. On average, analysts expect that Glu Mobile Inc. will post ($0.14) EPS for the current fiscal year.
In related news, Director William J. Miller sold 20,100 shares of Glu Mobile stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $2.34, for a total transaction of $47,034.00. Following the sale, the director now directly owns 95,100 shares in the company, valued at approximately $222,534. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gregory J. Cannon sold 55,000 shares of Glu Mobile stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $2.50, for a total transaction of $137,500.00. Following the sale, the vice president now owns 83,771 shares in the company, 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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