Zacks Investment Research Downgrades Glu Mobile (NASDAQ:GLUU) to Hold

Zacks Investment Research cut shares of Glu Mobile (NASDAQ:GLUU) from a buy rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports.

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 analysts have also recently weighed in on the company. Wedbush set a $17.00 price objective on Zumiez and gave the stock a sell rating in a report on Friday, June 7th. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. BidaskClub lowered Xperi from a sell rating to a strong sell rating in a research report on Wednesday, June 19th. Piper Jaffray Companies restated an overweight rating and set a $435.00 target price on shares of Regeneron Pharmaceuticals in a research report on Tuesday, May 7th. Finally, Stephens set a $12.00 target price on Glu Mobile and gave the stock a buy rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $9.92.

Shares of NASDAQ:GLUU opened at $7.33 on Wednesday. Glu Mobile has a 1-year low of $5.08 and a 1-year high of $11.75. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.35 and a quick ratio of 1.35. The stock’s 50-day moving average price is $7.43.

Glu Mobile (NASDAQ:GLUU) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.01 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.01. The firm had revenue of $92.60 million during the quarter, compared to analysts’ expectations of $89.74 million. Glu Mobile had a negative return on equity of 0.92% and a negative net margin of 1.40%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) EPS. As a group, sell-side analysts expect that Glu Mobile will post 0.19 EPS for the current year.

In other news, insider Masi Niccolo De sold 90,714 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $10.75, for a total transaction of $975,175.50. Following the completion of the transaction, the insider now directly owns 770,065 shares in the company, valued at approximately $8,278,198.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Greg Brandeau sold 4,170 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $7.26, for a total value of $30,274.20. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at $363,000. The disclosure for this sale can be found here. Insiders have sold a total of 7,358,778 shares of company stock valued at $57,297,920 over the last 90 days. Corporate insiders own 6.84% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Brookstone Capital Management grew its position in shares of Glu Mobile by 14.8% in the 1st quarter. Brookstone Capital Management now owns 17,053 shares of the company’s stock valued at $187,000 after purchasing an additional 2,200 shares during the period. Legal & General Group Plc grew its position in shares of Glu Mobile by 16.0% in the 4th quarter. Legal & General Group Plc now owns 21,602 shares of the company’s stock valued at $174,000 after purchasing an additional 2,976 shares during the period. Cim LLC grew its position in shares of Glu Mobile by 21.4% in the 1st quarter. Cim LLC now owns 21,485 shares of the company’s stock valued at $235,000 after purchasing an additional 3,785 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Glu Mobile by 20.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 22,588 shares of the company’s stock valued at $171,000 after purchasing an additional 3,846 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Glu Mobile in the 1st quarter valued at approximately $49,000. Institutional investors and hedge funds own 57.67% of the company’s stock.

About Glu Mobile

Glu Mobile Inc develops, publishes, and markets a portfolio of free-to-play mobile games for the users of smartphones and tablet devices. The company publishes titles primarily in four genres, including home décor, sports and action, fashion and celebrity, and time management. It creates games based on its own brands, Blood & Glory, Contract Killer, Cooking Dash, Deer Hunter, Diner Dash, Eternity Warriors, Frontline Commando, Gun Bros, QuizUp, and Tap Sports.

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