Brokerages forecast that Glu Mobile Inc. (NASDAQ:GLUU) will report $90.16 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Glu Mobile’s earnings. The lowest sales estimate is $89.10 million and the highest is $92.00 million. Glu Mobile posted sales of $86.30 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.5%. The business is expected to issue its next earnings results on Tuesday, May 7th.
According to Zacks, analysts expect that Glu Mobile will report full year sales of $445.58 million for the current fiscal year, with estimates ranging from $440.00 million to $451.53 million. For the next financial year, analysts anticipate that the company will report sales of $505.30 million, with estimates ranging from $475.10 million to $546.08 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Glu Mobile.
A number of analysts recently issued reports on GLUU shares. BidaskClub lowered Glu Mobile from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 25th. Zacks Investment Research upgraded Glu Mobile from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, February 6th. Wedbush reiterated a “hold” rating and set a $9.00 price objective on shares of Glu Mobile in a research note on Wednesday, January 30th. Cowen boosted their price objective on Glu Mobile to $9.50 and gave the company an “outperform” rating in a research note on Monday, December 10th. Finally, Piper Jaffray Companies boosted their price objective on Glu Mobile to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, February 5th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $9.31.
A number of institutional investors have recently bought and sold shares of GLUU. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Glu Mobile by 79.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,752 shares of the company’s stock worth $71,000 after buying an additional 3,870 shares in the last quarter. Advisor Group Inc. grew its position in Glu Mobile by 12,412.0% during the fourth quarter. Advisor Group Inc. now owns 9,384 shares of the company’s stock worth $75,000 after buying an additional 9,309 shares in the last quarter. Perritt Capital Management Inc. purchased a new position in Glu Mobile during the fourth quarter worth about $81,000. Aft Forsyth & Company Inc. purchased a new position in Glu Mobile during the fourth quarter worth about $85,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Glu Mobile during the fourth quarter worth about $96,000. Institutional investors and hedge funds own 57.15% of the company’s stock.
Shares of GLUU traded up $0.70 during mid-day trading on Friday, hitting $9.98. The stock had a trading volume of 3,251,677 shares, compared to its average volume of 2,324,087. Glu Mobile has a 52 week low of $3.58 and a 52 week high of $10.41. The firm has a market cap of $1.34 billion, a PE ratio of -124.75, a PEG ratio of 3.36 and a beta of 0.73.
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 in four genres, including home décor, sports and action, fashion and celebrity, and time management. It creates games based on its own brands, including Contract Killer, Cooking Dash, Covet Fashion, Deer Hunter, Design Home, and QuizUp.
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