Glu Mobile Inc. (GLUU) Rating Lowered to Hold at Zacks Investment Research

Glu Mobile Inc. (NASDAQ:GLUU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

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. “

Several other research firms have also issued reports on GLUU. Wedbush restated a “hold” rating on shares of Glu Mobile in a research report on Wednesday, August 2nd. Roth Capital set a $4.00 price target on shares of Glu Mobile and gave the stock a “buy” rating in a research report on Thursday, August 17th. Stifel Nicolaus restated a “buy” rating and issued a $2.80 price target on shares of Glu Mobile in a research report on Monday, July 10th. BidaskClub upgraded shares of Glu Mobile from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Finally, Canaccord Genuity restated a “hold” rating and issued a $3.00 price target on shares of Glu Mobile in a research report on Thursday, August 10th. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $3.17.

Shares of Glu Mobile (GLUU) opened at 3.59 on Wednesday. The stock’s market cap is $486.14 million. Glu Mobile has a 1-year low of $1.73 and a 1-year high of $3.83. The company has a 50-day moving average price of $3.33 and a 200-day moving average price of $2.67.

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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 transaction of $85,750.00. Following the completion of the sale, the chief operating officer now owns 82,000 shares of the company’s stock, valued at approximately $281,260. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the chief operating officer now directly owns 68,250 shares of the company’s stock, valued at approximately $212,940. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Several large investors have recently modified their holdings of GLUU. Menta Capital LLC acquired a new stake in shares of Glu Mobile during the 1st quarter valued at $3,359,000. Northern Right Capital Management L.P. boosted its stake in shares of Glu Mobile by 109.9% during the 2nd quarter. Northern Right Capital Management L.P. now owns 2,759,786 shares of the company’s stock valued at $6,899,000 after buying an additional 1,444,816 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of Glu Mobile during the 2nd quarter valued at $1,721,000. ETF Managers Group LLC acquired a new stake in shares of Glu Mobile during the 2nd quarter valued at $1,099,000. Finally, Engineers Gate Manager LP boosted its stake in shares of Glu Mobile by 214.6% during the 2nd quarter. Engineers Gate Manager LP now owns 583,115 shares of the company’s stock valued at $1,458,000 after buying an additional 397,771 shares during the period. 35.14% of the stock is owned by 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.

Analyst Recommendations for Glu Mobile (NASDAQ:GLUU)

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