Glu Mobile (NASDAQ:GLUU) Price Target Cut to $8.00

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Glu Mobile (NASDAQ:GLUU) had its target price reduced by Benchmark from $14.00 to $8.00 in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Piper Jaffray Companies reduced their target price on Glu Mobile from $12.00 to $7.00 and set an overweight rating on the stock in a report on Friday. Zacks Investment Research raised Glu Mobile from a sell rating to a hold rating in a report on Wednesday, July 31st. Stephens set a $12.00 target price on Glu Mobile and gave the stock a buy rating in a report on Thursday, June 6th. Wedbush reissued a buy rating and set a $9.00 price objective on shares of Glu Mobile in a research note on Friday, July 26th. Finally, BidaskClub raised Glu Mobile from a sell rating to a hold rating in a research note on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $9.08.

Shares of GLUU stock opened at $4.96 on Friday. Glu Mobile has a 12-month low of $4.30 and a 12-month high of $11.75. 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 stock has a 50-day moving average price of $7.11. The company has a market capitalization of $700.12 million, a PE ratio of -62.00, a price-to-earnings-growth ratio of 1.79 and a beta of 0.84.

Glu Mobile (NASDAQ:GLUU) last issued its earnings results on Thursday, August 1st. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. Glu Mobile had a return on equity of 3.43% and a net margin of 0.41%. The firm had revenue of $101.90 million for the quarter, compared to analysts’ expectations of $100.93 million. During the same period in the previous year, the firm posted ($0.03) earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. As a group, research analysts forecast that Glu Mobile will post 0.18 EPS for the current fiscal year.

In other Glu Mobile news, Director Holdings Ltd Tencent sold 7,259,728 shares of the business’s 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg Brandeau sold 4,166 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $7.10, for a total value of $29,578.60. Following the completion of the sale, the director now owns 41,664 shares of the company’s stock, valued at approximately $295,814.40. The disclosure for this sale can be found here. Insiders have sold 7,268,064 shares of company stock worth $56,322,745 over the last three months. 6.84% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in GLUU. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Glu Mobile in the first quarter valued at approximately $49,000. Aperio Group LLC purchased a new stake in Glu Mobile during the second quarter worth $56,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Glu Mobile during the first quarter worth $66,000. Advisor Group Inc. lifted its holdings 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 during the period. Finally, Wedbush Securities Inc. purchased a new stake in Glu Mobile during the second quarter worth $75,000. Hedge funds and other institutional investors own 58.51% of the company’s stock.

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 d├ęcor, 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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