Glu Mobile Inc. (NASDAQ:GLUU) Upgraded by Zacks Investment Research to “Buy”
Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $3.50 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.27% from the company’s previous close.
According to Zacks, “GLU MOBILE INC., is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and Brain Genius, and titles based on major brands from partners including Atari, Activision, Konami, Harrah’s, Hasbro, Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Glu is based in San Mateo, Calif. and has offices in London, France, Germany, Spain, Italy, Sweden, Poland, Russia, Hong Kong, China, Brazil, Chile, Canada and San Clemente, Calif. “
GLUU has been the subject of several other reports. Stifel Nicolaus reissued a “buy” rating and issued a $3.30 target price (up from $2.80) on shares of Glu Mobile in a report on Monday, July 31st. Mizuho increased their target price on shares of Glu Mobile from $2.40 to $2.80 and gave the stock a “neutral” rating in a report on Thursday, May 4th. Roth Capital set a $4.00 target price on shares of Glu Mobile and gave the stock a “buy” rating in a report on Friday, July 28th. Canaccord Genuity reissued a “hold” rating and issued a $3.00 target price on shares of Glu Mobile in a report on Friday, June 30th. Finally, BidaskClub raised shares of Glu Mobile from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Glu Mobile has a consensus rating of “Buy” and an average target price of $3.03.
Shares of Glu Mobile (NASDAQ:GLUU) traded up 0.98% during trading on Monday, reaching $3.09. 5,228,588 shares of the company’s stock were exchanged. Glu Mobile has a 12 month low of $1.73 and a 12 month high of $3.16. The stock has a 50-day moving average price of $2.60 and a 200 day moving average price of $2.39. The firm’s market cap is $417.35 million.
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In other Glu Mobile news, insider Masi Niccolo De sold 339,648 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $2.59, for a total value of $879,688.32. Following the completion of the transaction, the insider now directly owns 537,228 shares in the company, valued at approximately $1,391,420.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of GLUU. Goldman Sachs Group Inc. increased its position in Glu Mobile by 125.4% in the first quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock valued at $108,000 after buying an additional 26,535 shares during the last quarter. Creative Planning increased its position in Glu Mobile by 1.8% in the first quarter. Creative Planning now owns 49,901 shares of the company’s stock valued at $113,000 after buying an additional 901 shares during the last quarter. Emerald Advisers Inc. PA acquired a new position in Glu Mobile during the second quarter valued at $141,000. American International Group Inc. increased its position in Glu Mobile by 7.1% in the first quarter. American International Group Inc. now owns 63,380 shares of the company’s stock valued at $144,000 after buying an additional 4,196 shares during the last quarter. Finally, Princeton Portfolio Strategies Group LLC acquired a new position in Glu Mobile during the first quarter valued at $153,000. Institutional investors and hedge funds own 30.17% of the company’s stock.
About Glu Mobile
Glu Mobile Inc develops, publishes and markets a portfolio of mobile games. The Company develops and publishes a portfolio of mobile games designed to appeal to a cross section of the users of smartphones and tablet devices. Its portfolio of mobile games is spread across various genres, including Fashion and Celebrity, Food, Sports and Action, Social Networking and Home.
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