Trade Report: The Glu Mobile Inc. (GLUU) Earns “Hold” Rating from Canaccord Genuity

The Glu Mobile Inc. (GLUU) Earns “Hold” Rating from Canaccord Genuity

Canaccord Genuity reiterated their hold rating on shares of Glu Mobile Inc. (NASDAQ:GLUU) in a research report released on Tuesday. Canaccord Genuity currently has a $3.00 target price on the stock.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Glu Mobile from a sell rating to a hold rating in a research report on Tuesday, August 9th. Wedbush cut their target price on Glu Mobile from $2.65 to $2.45 and set a neutral rating for the company in a research report on Friday, July 29th. Roth Capital restated a neutral rating and issued a $2.00 target price (down from $2.50) on shares of Glu Mobile in a research report on Friday, August 5th. Finally, Northland Securities downgraded Glu Mobile from an outperform rating to a market perform rating in a research report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $3.41.

Glu Mobile (NASDAQ:GLUU) opened at 2.19 on Tuesday. Glu Mobile has a 1-year low of $1.98 and a 1-year high of $4.45. The company has a 50-day moving average price of $2.26 and a 200 day moving average price of $2.43. The stock’s market capitalization is $291.26 million.

Glu Mobile (NASDAQ:GLUU) last released its earnings results on Tuesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm earned $48.40 million during the quarter, compared to the consensus estimate of $47.25 million. Glu Mobile had a negative return on equity of 4.78% and a negative net margin of 12.90%. The firm’s revenue for the quarter was down 13.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 earnings per share. On average, equities analysts predict that Glu Mobile will post ($0.15) EPS for the current year.

In other news, CFO Eric R. Ludwig sold 26,119 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $2.32, for a total value of $60,596.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Gregory J. Cannon sold 55,000 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 83,771 shares in the company, valued at $209,427.50. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY increased its position in Glu Mobile by 1.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 85,369 shares of the company’s stock worth $241,000 after buying an additional 1,225 shares during the period. Nationwide Fund Advisors increased its position in Glu Mobile by 3.1% in the second quarter. Nationwide Fund Advisors now owns 78,811 shares of the company’s stock worth $173,000 after buying an additional 2,398 shares during the period. Rhumbline Advisers increased its position in Glu Mobile by 3.4% in the second quarter. Rhumbline Advisers now owns 152,401 shares of the company’s stock worth $335,000 after buying an additional 4,991 shares during the period. BlackRock Investment Management LLC increased its position in Glu Mobile by 2.2% in the second quarter. BlackRock Investment Management LLC now owns 457,854 shares of the company’s stock worth $1,007,000 after buying an additional 9,939 shares during the period. Finally, Alliancebernstein L.P. increased its position in Glu Mobile by 11.6% in the second quarter. Alliancebernstein L.P. now owns 111,000 shares of the company’s stock worth $244,000 after buying an additional 11,500 shares during the period. 28.08% of the stock is currently owned by institutional investors and hedge funds.

Glu Mobile Company Profile

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