Glu Mobile Inc. (GLUU) Given Average Rating of “Buy” by Brokerages

Shares of Glu Mobile Inc. (NASDAQ:GLUU) have been assigned a consensus recommendation of “Buy” from the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $2.81.

Several equities research analysts recently commented on GLUU shares. Roth Capital set a $4.00 price target on Glu Mobile and gave the company a “buy” rating in a research note on Wednesday, May 24th. BidaskClub raised Glu Mobile from a “buy” rating to a “strong-buy” rating in a research note on Monday. Canaccord Genuity reissued a “hold” rating and issued a $3.00 price target on shares of Glu Mobile in a research note on Friday, June 30th. Cowen and Company reissued an “outperform” rating and issued a $3.00 price target on shares of Glu Mobile in a research note on Thursday, May 4th. Finally, Zacks Investment Research raised Glu Mobile from a “sell” rating to a “hold” rating in a research note on Monday, March 27th.

Glu Mobile (GLUU) remained flat at $2.76 during mid-day trading on Tuesday. 4,694,735 shares of the company traded hands. Glu Mobile has a 12 month low of $1.73 and a 12 month high of $2.82. The firm has a 50 day moving average of $2.58 and a 200 day moving average of $2.36. The firm’s market cap is $371.89 million.

Glu Mobile (NASDAQ:GLUU) last announced its quarterly earnings results on Wednesday, May 3rd. The company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.08. The firm had revenue of $56.80 million during the quarter, compared to the consensus estimate of $53.59 million. Glu Mobile had a negative net margin of 50.11% and a negative return on equity of 36.94%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) EPS. Equities research analysts expect that Glu Mobile will post ($0.18) earnings per share for the current fiscal year.

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In related news, insider Masi Niccolo De sold 339,648 shares of the business’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 sale, 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 SEC, which can be accessed through the SEC website. 5.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Glu Mobile by 2.4% in the fourth quarter. State Street Corp now owns 1,799,025 shares of the company’s stock worth $3,493,000 after buying an additional 41,559 shares during the period. Nationwide Fund Advisors raised its position in shares of Glu Mobile by 69.2% in the first quarter. Nationwide Fund Advisors now owns 147,079 shares of the company’s stock worth $334,000 after buying an additional 60,168 shares during the period. Creative Planning raised its position in shares of Glu Mobile by 1.8% in the first quarter. Creative Planning now owns 49,901 shares of the company’s stock worth $113,000 after buying an additional 901 shares during the period. KCG Holdings Inc. raised its position in shares of Glu Mobile by 224.1% in the first quarter. KCG Holdings Inc. now owns 382,508 shares of the company’s stock worth $868,000 after buying an additional 264,471 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Glu Mobile by 163.9% in the first quarter. Russell Investments Group Ltd. now owns 133,650 shares of the company’s stock worth $303,000 after buying an additional 83,002 shares during the period. Institutional investors own 30.05% 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.