Glu Mobile Inc. (GLUU) Shares Gap Up to $3.80

Glu Mobile Inc. (NASDAQ:GLUU)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $3.61, but opened at $3.80. Glu Mobile shares last traded at $4.17, with a volume of 9,591,000 shares traded.

A number of research firms recently commented on GLUU. Roth Capital set a $4.00 price target on Glu Mobile and gave the stock a “buy” rating in a report on Thursday, August 17th. Stifel Nicolaus reiterated a “buy” rating on shares of Glu Mobile in a report on Thursday, September 7th. ValuEngine upgraded Glu Mobile from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Cowen and Company reiterated an “outperform” rating and set a $3.50 price target (up previously from $3.00) on shares of Glu Mobile in a report on Wednesday, August 2nd. Finally, Wedbush reiterated a “hold” rating on shares of Glu Mobile in a report on Wednesday, August 2nd. Five 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 stock has a consensus rating of “Buy” and an average price target of $3.19.

The company’s market capitalization is $564.68 million. The stock has a 50 day moving average of $3.62 and a 200 day moving average of $2.86.

In other news, COO Eric R. Ludwig sold 25,000 shares of the stock in a transaction that occurred on 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 directly owns 82,000 shares of the company’s stock, valued at approximately $281,260. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Eric R. Ludwig sold 160,000 shares of the stock in a transaction that occurred 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. Insiders sold a total of 334,000 shares of company stock valued at $1,200,830 over the last ninety days. 5.60% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Glu Mobile by 8.0% during the 1st 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. Northern Right Capital Management L.P. grew its position in shares of Glu Mobile by 109.9% during the 2nd quarter. Northern Right Capital Management L.P. now owns 2,759,786 shares of the company’s stock valued at $6,899,000 after acquiring an additional 1,444,816 shares during the period. State Street Corp grew its position in shares of Glu Mobile by 6.7% during the 2nd quarter. State Street Corp now owns 1,914,877 shares of the company’s stock valued at $4,791,000 after acquiring an additional 120,550 shares during the period. Northern Trust Corp grew its position in shares of Glu Mobile by 1.8% during the 2nd quarter. Northern Trust Corp now owns 1,142,605 shares of the company’s stock valued at $2,857,000 after acquiring an additional 20,300 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Glu Mobile by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 879,018 shares of the company’s stock valued at $1,995,000 after acquiring an additional 17,600 shares during the period. 35.14% of the stock is owned by hedge funds and other institutional investors.

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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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