Stock Traders Purchase Large Volume of Glu Mobile Put Options (NASDAQ:GLUU)

Glu Mobile Inc. (NASDAQ:GLUU) saw unusually large options trading on Thursday. Traders acquired 3,157 put options on the company. This is an increase of 842% compared to the typical volume of 335 put options.

GLUU traded up $0.05 during trading on Friday, hitting $10.80. The company’s stock had a trading volume of 1,909,240 shares, compared to its average volume of 1,743,091. Glu Mobile has a 12 month low of $4.96 and a 12 month high of $11.75. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -135.00, a PEG ratio of 4.00 and a beta of 0.73.

GLUU has been the topic of a number of research analyst reports. Wedbush reaffirmed a “hold” rating and issued a $9.00 target price on shares of Glu Mobile in a report on Wednesday, January 30th. Stephens assumed coverage on Glu Mobile in a report on Thursday, January 10th. They issued an “overweight” rating and a $10.50 target price on the stock. BidaskClub lowered Glu Mobile from a “strong-buy” rating to a “buy” rating in a report on Monday, February 25th. Zacks Investment Research lowered Glu Mobile from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, Piper Jaffray Companies raised their target price on Glu Mobile to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $9.70.

In other news, Director Hany Nada sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $9.18, for a total transaction of $459,000.00. Following the completion of the sale, the director now directly owns 240,200 shares of the company’s stock, valued at approximately $2,205,036. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLUU. Bank of New York Mellon Corp increased its stake in shares of Glu Mobile by 34.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 650,254 shares of the company’s stock valued at $4,168,000 after buying an additional 165,118 shares during the period. Credit Suisse AG grew its stake in shares of Glu Mobile by 15.8% during the third quarter. Credit Suisse AG now owns 80,209 shares of the company’s stock worth $598,000 after purchasing an additional 10,949 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Glu Mobile during the third quarter worth $892,000. Allianz Asset Management GmbH grew its stake in shares of Glu Mobile by 89.5% during the third quarter. Allianz Asset Management GmbH now owns 897,078 shares of the company’s stock worth $6,683,000 after purchasing an additional 423,756 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Glu Mobile by 14,199.2% during the third quarter. JPMorgan Chase & Co. now owns 3,191,293 shares of the company’s stock worth $23,774,000 after purchasing an additional 3,168,975 shares during the period. 56.88% of the stock is owned by institutional investors.

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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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