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

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Zacks Investment Research downgraded shares of Glu Mobile (NASDAQ:GLUU) from a buy rating to a hold rating in a research note issued to investors on Tuesday, 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. “

Several other research analysts also recently issued reports on the company. ValuEngine downgraded Glu Mobile from a buy rating to a hold rating in a report on Thursday, August 1st. Stephens set a $12.00 price objective on Glu Mobile and gave the stock a buy rating in a report on Thursday, June 6th. Piper Jaffray Companies reduced their price objective on Glu Mobile from $12.00 to $7.00 and set an overweight rating on the stock in a report on Friday, August 2nd. Wedbush reduced their price objective on Glu Mobile from $9.00 to $8.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, BidaskClub raised Glu Mobile from a sell rating to a hold rating in a report on Tuesday, July 16th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Glu Mobile presently has a consensus rating of Buy and an average price target of $8.38.

Shares of GLUU opened at $4.65 on Tuesday. The firm has a market cap of $729.17 million, a P/E ratio of -58.13, a P/E/G ratio of 3.16 and a beta of 0.84. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.16. Glu Mobile has a one year low of $4.30 and a one year high of $11.75. The stock has a 50 day simple moving average of $6.74.

Glu Mobile (NASDAQ:GLUU) last announced its earnings results on Thursday, August 1st. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $101.90 million for the quarter, compared to the consensus estimate of $100.93 million. Glu Mobile had a return on equity of 3.43% and a net margin of 0.41%. Glu Mobile’s revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. Sell-side analysts anticipate that Glu Mobile will post 0.11 EPS for the current fiscal year.

In other Glu Mobile news, Director Holdings Ltd Tencent sold 7,259,728 shares of the company’s stock in a transaction on Friday, May 31st. The shares were 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Greg Brandeau sold 4,170 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $7.26, for a total transaction of $30,274.20. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $363,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,268,064 shares of company stock worth $56,322,745. Company insiders own 6.84% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its position in shares of Glu Mobile by 14.8% in the 2nd quarter. Creative Planning now owns 11,650 shares of the company’s stock valued at $84,000 after buying an additional 1,500 shares in the last quarter. Brookstone Capital Management increased its holdings in Glu Mobile by 14.8% during the 1st quarter. Brookstone Capital Management now owns 17,053 shares of the company’s stock worth $187,000 after purchasing an additional 2,200 shares in the last quarter. Legal & General Group Plc increased its holdings in Glu Mobile by 16.0% during the 4th quarter. Legal & General Group Plc now owns 21,602 shares of the company’s stock worth $174,000 after purchasing an additional 2,976 shares in the last quarter. Cetera Investment Advisers increased its holdings in Glu Mobile by 4.1% during the 2nd quarter. Cetera Investment Advisers now owns 77,322 shares of the company’s stock worth $555,000 after purchasing an additional 3,072 shares in the last quarter. Finally, Cim LLC increased its holdings in Glu Mobile by 21.4% during the 1st quarter. Cim LLC now owns 21,485 shares of the company’s stock worth $235,000 after purchasing an additional 3,785 shares in the last quarter. Institutional investors and hedge funds own 59.02% 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 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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