Glu Mobile Inc. (GLUU) Stock Rating Upgraded by Zacks Investment Research

Glu Mobile Inc. (NASDAQ:GLUU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, August 31st. The firm currently has a $4.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.70% from the company’s current price.

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. Canaccord Genuity reaffirmed a “hold” rating and set a $3.00 price objective on shares of Glu Mobile in a research report on Thursday, August 10th. Roth Capital set a $4.00 price objective on shares of Glu Mobile and gave the stock a “buy” rating in a research report on Thursday, August 17th. ValuEngine raised shares of Glu Mobile from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Wedbush reaffirmed a “hold” rating on shares of Glu Mobile in a research report on Wednesday, August 2nd. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $3.50 price objective (up from $3.00) on shares of Glu Mobile in a research report on Wednesday, August 2nd. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $3.08.

Shares of Glu Mobile (NASDAQ GLUU) traded up 2.51% during trading on Thursday, hitting $3.68. The stock had a trading volume of 3,260,915 shares. The stock’s market cap is $498.32 million. The stock’s 50 day moving average price is $3.27 and its 200-day moving average price is $2.63. Glu Mobile has a one year low of $1.73 and a one year high of $3.70.

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In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of Glu Mobile stock in a transaction 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 transaction, the chief operating officer now directly owns 82,000 shares in the company, valued at $281,260. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Eric R. Ludwig sold 49,000 shares of Glu Mobile stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $3.12, for a total transaction of $152,880.00. Following the completion of the transaction, the chief operating officer now owns 68,250 shares in the company, valued at $212,940. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC purchased a new stake in Glu Mobile during the second quarter worth about $592,000. State Street Corp boosted its holdings in Glu Mobile by 6.7% during the second quarter. State Street Corp now owns 1,914,877 shares of the company’s stock worth $4,791,000 after buying an additional 120,550 shares in the last quarter. ETF Managers Group LLC purchased a new stake in Glu Mobile during the second quarter worth about $1,099,000. Lyon Street Capital LLC purchased a new stake in Glu Mobile during the second quarter worth about $563,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Glu Mobile by 15.0% during the second quarter. Goldman Sachs Group Inc. now owns 54,822 shares of the company’s stock worth $137,000 after buying an additional 7,131 shares in the last quarter. 35.14% of the stock is currently owned by hedge funds and other institutional investors.

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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