Glu Mobile Inc. (NASDAQ:GLUU) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,849,286 shares, a drop of 36.2% from the October 13th total of 4,466,680 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average daily volume of 5,378,395 shares, the short-interest ratio is presently 0.5 days.
Several analysts have recently weighed in on the stock. Wedbush restated a “hold” rating on shares of Glu Mobile in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Glu Mobile from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a research report on Thursday, August 24th. Roth Capital set a $4.00 price objective on shares of Glu Mobile and gave the company a “buy” rating in a research report on Thursday, August 17th. Canaccord Genuity restated a “hold” rating and set a $3.00 price objective on shares of Glu Mobile in a research report on Monday, October 30th. Finally, BidaskClub upgraded shares of Glu Mobile from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $3.97.
In other Glu Mobile news, COO Eric R. Ludwig sold 25,000 shares of the firm’s 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 completion of the transaction, the chief operating officer now directly owns 82,000 shares of the company’s stock, valued at approximately $281,260. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Eric R. Ludwig sold 160,000 shares of the firm’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $3.67, for a total transaction of $587,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,183,422 shares of company stock valued at $4,992,941. Insiders own 5.60% of the company’s stock.
Large investors have recently modified their holdings of the stock. Bank of Montreal Can raised its position in Glu Mobile by 113.6% in the 2nd quarter. Bank of Montreal Can now owns 160,540 shares of the company’s stock worth $401,000 after purchasing an additional 85,371 shares during the period. GSA Capital Partners LLP increased its position in shares of Glu Mobile by 86.0% in the second quarter. GSA Capital Partners LLP now owns 351,800 shares of the company’s stock valued at $880,000 after acquiring an additional 162,700 shares during the period. Morgan Stanley increased its position in shares of Glu Mobile by 40.5% in the first quarter. Morgan Stanley now owns 713,836 shares of the company’s stock valued at $1,620,000 after acquiring an additional 205,918 shares during the period. Alliancebernstein L.P. increased its position in shares of Glu Mobile by 114.1% in the second quarter. Alliancebernstein L.P. now owns 191,000 shares of the company’s stock valued at $478,000 after acquiring an additional 101,800 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Glu Mobile by 8.0% in the first quarter. Vanguard Group Inc. now owns 4,667,543 shares of the company’s stock valued at $10,595,000 after acquiring an additional 344,727 shares during the period. Institutional investors own 35.48% of the company’s stock.
Glu Mobile (GLUU) opened at $3.98 on Tuesday. Glu Mobile has a 52-week low of $1.85 and a 52-week high of $4.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 1.09.
Glu Mobile (NASDAQ:GLUU) last issued its earnings results on Wednesday, November 1st. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $80.67 million. Glu Mobile had a negative return on equity of 35.19% and a negative net margin of 29.74%. Glu Mobile’s revenue for the quarter was up 57.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) EPS. analysts expect that Glu Mobile will post -0.18 EPS for the current year.
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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