Wedbush Lowers Glu Mobile (NASDAQ:GLUU) Price Target to $7.50

Glu Mobile (NASDAQ:GLUU) had its price target decreased by investment analysts at Wedbush from $8.00 to $7.50 in a note issued to investors on Thursday, November 7th, AnalystRatings.com reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 32.51% from the stock’s current price.

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Other equities analysts also recently issued reports about the stock. ValuEngine raised shares of Glu Mobile from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $6.50 target price on shares of Glu Mobile in a research note on Tuesday, September 24th. Stephens set a $8.00 target price on shares of Glu Mobile and gave the stock a “buy” rating in a research note on Friday, September 6th. Zacks Investment Research downgraded shares of Glu Mobile from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, DA Davidson initiated coverage on shares of Glu Mobile in a research note on Tuesday, September 24th. They issued a “buy” rating and a $8.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. Glu Mobile presently has a consensus rating of “Buy” and a consensus target price of $7.53.

GLUU stock traded up $0.02 during mid-day trading on Thursday, hitting $5.66. The company had a trading volume of 1,929,600 shares, compared to its average volume of 2,978,422. The company has a market capitalization of $822.23 million, a price-to-earnings ratio of -70.75, a P/E/G ratio of 2.45 and a beta of 1.15. Glu Mobile has a 12-month low of $4.11 and a 12-month high of $11.75. The company has a 50-day moving average price of $5.63 and a 200 day moving average price of $6.55. The company has a quick ratio of 1.34, a current ratio of 1.32 and a debt-to-equity ratio of 0.21.

Glu Mobile (NASDAQ:GLUU) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.13). Glu Mobile had a positive return on equity of 0.22% and a negative net margin of 0.82%. The business had revenue of $120.40 million for the quarter, compared to analyst estimates of $111.00 million. The business’s revenue was up 19.6% compared to the same quarter last year. As a group, analysts expect that Glu Mobile will post 0.15 EPS for the current year.

In other Glu Mobile news, Director Greg Brandeau sold 12,498 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $6.00, for a total transaction of $74,988.00. Following the completion of the transaction, the director now owns 29,166 shares in the company, valued at approximately $174,996. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott Leichtner sold 54,357 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $4.56, for a total transaction of $247,867.92. Following the transaction, the vice president now owns 252,669 shares of the company’s stock, valued at approximately $1,152,170.64. The disclosure for this sale can be found here. Insiders own 6.84% of the company’s stock.

Several institutional investors have recently modified their holdings of GLUU. DNB Asset Management AS acquired a new position in shares of Glu Mobile in the 3rd quarter valued at $17,010,000. Highline Capital Management L.P. acquired a new position in shares of Glu Mobile in the 2nd quarter valued at $22,276,000. Nuveen Asset Management LLC acquired a new position in shares of Glu Mobile in the 2nd quarter valued at $14,810,000. UBS Asset Management Americas Inc. boosted its holdings in shares of Glu Mobile by 1,558.2% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,270,193 shares of the company’s stock valued at $9,120,000 after buying an additional 1,193,594 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Glu Mobile by 283.8% in the 2nd quarter. Acadian Asset Management LLC now owns 1,365,573 shares of the company’s stock valued at $9,805,000 after buying an additional 1,009,790 shares in the last quarter. Institutional investors and hedge funds own 64.83% of the company’s stock.

Glu Mobile Company Profile

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 d├ęcor, 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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Analyst Recommendations for Glu Mobile (NASDAQ:GLUU)

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