Zacks Investment Research Downgrades Glu Mobile (NASDAQ:GLUU) to Hold

Zacks Investment Research cut shares of Glu Mobile (NASDAQ:GLUU) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Other research analysts also recently issued research reports about the company. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. BidaskClub downgraded Xperi from a sell rating to a strong sell rating in a report on Wednesday, June 19th. Stephens set a $12.00 target price on Glu Mobile and gave the stock a buy rating in a report on Thursday, June 6th. Piper Jaffray Companies reaffirmed an overweight rating and set a $435.00 target price on shares of Regeneron Pharmaceuticals in a report on Tuesday, May 7th. Finally, Wedbush set a $17.00 target price on Zumiez and gave the stock a sell rating in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Glu Mobile has an average rating of Hold and a consensus target price of $9.92.

NASDAQ:GLUU traded up $0.13 during trading hours on Wednesday, reaching $7.28. 1,494,701 shares of the stock were exchanged, compared to its average volume of 2,454,101. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $7.45. Glu Mobile has a 52 week low of $5.08 and a 52 week high of $11.75. The firm has a market cap of $1.04 billion, a PE ratio of -91.00, a P/E/G ratio of 2.54 and a beta of 0.81.

Glu Mobile (NASDAQ:GLUU) last released its earnings results on Monday, May 6th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. Glu Mobile had a negative return on equity of 0.92% and a negative net margin of 1.40%. The company had revenue of $92.60 million for the quarter, compared to the consensus estimate of $89.74 million. During the same quarter last year, the business posted ($0.05) EPS. Glu Mobile’s quarterly revenue was up 7.3% compared to the same quarter last year. Research analysts predict that Glu Mobile will post 0.19 earnings per share for the current year.

In other news, Director Holdings Ltd Tencent sold 7,259,728 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $7.75, for a total transaction of $56,262,892.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg Brandeau sold 4,170 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $7.26, for a total value of $30,274.20. Following the sale, the director now owns 50,000 shares in the company, valued at $363,000. The disclosure for this sale can be found here. Insiders have sold a total of 7,358,778 shares of company stock worth $57,297,920 over the last quarter. Insiders own 6.84% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Glu Mobile in the 1st quarter valued at approximately $49,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Glu Mobile in the 1st quarter valued at approximately $66,000. Advisor Group Inc. increased its position in Glu Mobile by 12,412.0% in the 4th quarter. Advisor Group Inc. now owns 9,384 shares of the company’s stock valued at $75,000 after acquiring an additional 9,309 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in Glu Mobile in the 4th quarter valued at approximately $96,000. Finally, Creative Planning acquired a new stake in Glu Mobile in the 1st quarter valued at approximately $111,000. Institutional investors and hedge funds own 57.67% 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 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.

See Also: Systematic Risk

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