Glu Mobile Inc. (GLUU) Shares Up 5.8%

Glu Mobile Inc. (NASDAQ:GLUU)’s share price shot up 5.8% during mid-day trading on Wednesday . The stock traded as high as $3.85 and last traded at $3.80. 5,363,065 shares traded hands during mid-day trading, an increase of 77% from the average session volume of 3,033,930 shares. The stock had previously closed at $3.59.

Several research firms have issued reports on GLUU. Canaccord Genuity restated a “hold” rating and issued a $3.00 price objective on shares of Glu Mobile in a research note on Thursday, August 10th. ValuEngine upgraded shares of Glu Mobile from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Zacks Investment Research downgraded shares of Glu Mobile from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Wedbush restated a “hold” rating on shares of Glu Mobile in a research note on Wednesday, August 2nd. Finally, Roth Capital set a $4.00 price objective on shares of Glu Mobile and gave the company a “buy” rating in a research note on Thursday, August 17th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Glu Mobile presently has a consensus rating of “Buy” and an average price target of $3.19.

In other news, COO Eric R. Ludwig sold 49,000 shares of Glu Mobile stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $3.12, for a total value of $152,880.00. Following the completion of the transaction, the chief operating officer now directly owns 68,250 shares of the company’s stock, valued at approximately $212,940. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric R. Ludwig sold 160,000 shares of Glu Mobile stock in a transaction dated 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. Company insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of GLUU. Northern Right Capital Management L.P. boosted its holdings in shares of Glu Mobile by 109.9% in 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 buying an additional 1,444,816 shares during the period. Quantitative Investment Management LLC acquired a new position in shares of Glu Mobile in the 2nd quarter valued at about $1,721,000. ETF Managers Group LLC acquired a new position in shares of Glu Mobile in the 2nd quarter valued at about $1,099,000. Engineers Gate Manager LP boosted its holdings in shares of Glu Mobile by 214.6% in the 2nd quarter. Engineers Gate Manager LP now owns 583,115 shares of the company’s stock valued at $1,458,000 after buying an additional 397,771 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Glu Mobile in the 1st quarter valued at about $877,000. 35.14% of the stock is owned by institutional investors and hedge funds.

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Glu Mobile Company Profile

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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