Glu Mobile Inc. (GLUU) Raised 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 released on Thursday morning. Zacks Investment Research currently has $4.00 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. “

A number of other research firms have also recently weighed in on GLUU. Stifel Nicolaus restated a buy rating on shares of Glu Mobile in a research report on Thursday, September 7th. Roth Capital restated a buy rating and set a $4.00 price objective on shares of Glu Mobile in a research report on Tuesday, September 5th. ValuEngine upgraded shares of Glu Mobile from a sell rating to a hold rating in a research report on Friday, August 18th. Canaccord Genuity restated a hold rating and set a $3.00 price objective on shares of Glu Mobile in a research report on Thursday, August 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 investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $3.08.

Shares of Glu Mobile (GLUU) opened at 3.68 on Thursday. The stock’s 50 day moving average is $3.27 and its 200 day moving average is $2.63. The company’s market capitalization is $498.32 million. Glu Mobile has a 12 month low of $1.73 and a 12 month high of $3.70.

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In other news, COO Eric R. Ludwig sold 49,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $3.12, for a total value of $152,880.00. Following the completion of the sale, the chief operating officer now directly owns 68,250 shares in the company, valued at $212,940. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief operating officer now owns 82,000 shares of the company’s stock, valued at $281,260. The disclosure for this sale can be found here. 5.60% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of GLUU. Goldman Sachs Group Inc. raised its position 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 buying an additional 26,535 shares during the last quarter. Emerald Advisers Inc. PA acquired a new stake in shares of Glu Mobile in the second quarter valued at about $141,000. Voya Investment Management LLC raised its position 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 buying an additional 9,186 shares during the last quarter. American International Group Inc. raised its position in shares of Glu Mobile by 7.1% in the first quarter. American International Group Inc. now owns 63,380 shares of the company’s stock valued at $144,000 after buying an additional 4,196 shares during the last quarter. Finally, Princeton Portfolio Strategies Group LLC acquired a new stake in shares of Glu Mobile in the first quarter valued at about $153,000. Institutional investors and hedge funds own 35.14% of the company’s stock.

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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