Glu Mobile Inc. (GLUU) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Glu Mobile Inc. (NASDAQ:GLUU) from a hold rating to a buy rating in a report published on Wednesday. They currently have $3.75 target price on the stock.

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 equities research analysts have also recently issued reports on the stock. 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 Wednesday, May 24th. BidaskClub upgraded shares of Glu Mobile from a buy rating to a strong-buy rating in a research report on Monday, July 24th. Canaccord Genuity restated a hold rating and set a $3.00 price objective on shares of Glu Mobile in a research report on Friday, June 30th. Stifel Nicolaus restated a buy rating and set a $2.80 price objective on shares of Glu Mobile in a research report on Monday, July 10th. Finally, Cowen and Company restated 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $3.06.

Glu Mobile (NASDAQ:GLUU) traded down 1.71% during trading on Wednesday, hitting $3.44. 1,467,062 shares of the company were exchanged. Glu Mobile has a 12 month low of $1.73 and a 12 month high of $3.70. The stock’s 50-day moving average is $3.15 and its 200-day moving average is $2.58. The company’s market capitalization is $465.82 million.

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In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 82,000 shares of the company’s stock, valued at $281,260. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Eric R. Ludwig sold 49,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $3.12, for a total transaction of $152,880.00. Following the transaction, 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. Company insiders own 5.60% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. IHT Wealth Management LLC purchased a new position in Glu Mobile during the second quarter worth about $592,000. Goldman Sachs Group Inc. boosted its stake in shares of Glu Mobile by 125.4% in the first quarter. Goldman Sachs Group Inc. now owns 47,691 shares of the company’s stock valued at $108,000 after purchasing an additional 26,535 shares during the period. Creative Planning boosted its stake in shares of Glu Mobile by 1.8% in the first quarter. Creative Planning now owns 49,901 shares of the company’s stock valued at $113,000 after purchasing an additional 901 shares during the period. Emerald Advisers Inc. PA purchased a new position in shares of Glu Mobile in the second quarter valued at approximately $141,000. Finally, Voya Investment Management LLC boosted its stake in shares of Glu Mobile by 19.2% in the second quarter. Voya Investment Management LLC now owns 56,969 shares of the company’s stock valued at $142,000 after purchasing an additional 9,186 shares during the period. 35.14% of the stock is owned by institutional investors.

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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