Zacks Investment Research downgraded shares of Glu Mobile Inc. (NASDAQ:GLUU) from a buy rating to a hold rating in a research note published on Wednesday morning.

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. “

A number of other research analysts have also recently issued reports on the company. Roth Capital set a $4.00 target price on Glu Mobile and gave the company a buy rating in a research report on Wednesday, May 24th. BidaskClub upgraded Glu Mobile from a buy rating to a strong-buy rating in a research report on Monday, July 24th. Canaccord Genuity reiterated a hold rating and issued a $3.00 target price on shares of Glu Mobile in a research report on Friday, June 30th. Finally, Stifel Nicolaus reiterated a buy rating and issued a $2.80 target price on shares of Glu Mobile in a research report on Monday, July 10th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Glu Mobile currently has a consensus rating of Buy and a consensus price target of $3.17.

Shares of Glu Mobile (NASDAQ GLUU) opened at 3.65 on Wednesday. The company’s market cap is $494.26 million. Glu Mobile has a one year low of $1.73 and a one year high of $3.83. The firm’s 50-day moving average is $3.33 and its 200-day moving average is $2.67.

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In related news, COO Eric R. Ludwig sold 49,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $3.12, for a total value of $152,880.00. Following the sale, the chief operating officer now directly owns 68,250 shares in the company, valued at $212,940. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric R. Ludwig sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $3.43, for a total value of $85,750.00. Following the completion of the sale, the chief operating officer now owns 82,000 shares in the company, valued at $281,260. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. IHT Wealth Management LLC bought a new stake in Glu Mobile in the second quarter valued at approximately $592,000. Goldman Sachs Group Inc. boosted its holdings 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 acquiring an additional 26,535 shares during the last quarter. Emerald Advisers Inc. PA bought a new stake in Glu Mobile in the second quarter valued at approximately $141,000. Voya Investment Management LLC boosted its holdings in Glu Mobile by 19.2% in the second quarter. Voya Investment Management LLC now owns 56,969 shares of the company’s stock valued at $142,000 after acquiring an additional 9,186 shares during the last quarter. Finally, American International Group Inc. boosted its holdings 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 acquiring an additional 4,196 shares during the last quarter. Institutional investors and hedge funds own 35.14% of the company’s stock.

Glu Mobile Company Profile

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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