Zacks Investment Research downgraded shares of Glu Mobile Inc. (NASDAQ:GLUU) from a hold rating to a sell rating in a research report released on Tuesday 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 equities research analysts have also recently commented on the stock. Roth Capital reissued a buy rating and issued a $3.75 price objective on shares of Glu Mobile in a research note on Wednesday, June 28th. Canaccord Genuity reissued a hold rating and issued a $3.00 price objective on shares of Glu Mobile in a research note on Friday, June 30th. Mizuho increased their price objective on shares of Glu Mobile from $2.40 to $2.80 and gave the company a neutral rating in a research note on Thursday, May 4th. Finally, Cowen and Company reissued an outperform rating and issued a $3.00 price objective on shares of Glu Mobile in a research note on Thursday, May 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Glu Mobile has a consensus rating of Hold and a consensus price target of $2.81.
Glu Mobile (NASDAQ GLUU) traded up 1.6220% during trading on Tuesday, reaching $2.4999. 1,222,565 shares of the company’s stock traded hands. Glu Mobile has a one year low of $1.73 and a one year high of $2.95. The firm’s 50 day moving average price is $2.61 and its 200-day moving average price is $2.30. The stock’s market cap is $336.84 million.
Glu Mobile (NASDAQ:GLUU) last posted its quarterly earnings results on Wednesday, May 3rd. The company reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.08. Glu Mobile had a negative return on equity of 36.94% and a negative net margin of 50.11%. The company had revenue of $56.80 million for the quarter, compared to analyst estimates of $53.59 million. During the same period last year, the company earned ($0.03) earnings per share. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts anticipate that Glu Mobile will post ($0.18) earnings per share for the current fiscal year.
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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 dated Thursday, June 8th. The shares were sold at an average price of $2.59, for a total value of $879,688.32. Following 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 legal filing with the SEC, which is available through the SEC website. 5.60% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Menta Capital LLC purchased a new position in Glu Mobile during the first quarter worth about $3,359,000. Princeton Portfolio Strategies Group LLC purchased a new position in Glu Mobile during the first quarter worth about $153,000. American International Group Inc. raised 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 worth $144,000 after buying an additional 4,196 shares during the period. SG Americas Securities LLC purchased a new position in Glu Mobile during the first quarter worth about $582,000. Finally, Parametric Portfolio Associates LLC purchased a new position in Glu Mobile during the first quarter worth about $184,000. Institutional investors own 29.99% 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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