Glu Mobile Inc. (NASDAQ:GLUU)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $6.28, but opened at $6.25. Glu Mobile shares last traded at $6.34, with a volume of 2,280,028 shares trading hands.
The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Glu Mobile had a net margin of 2.16% and a return on equity of 5.76%. The company had revenue of $108.40 million during the quarter, compared to analysts’ expectations of $103.64 million. During the same quarter in the prior year, the company posted ($0.01) EPS. The business’s revenue was up 10.4% on a year-over-year basis.
A number of brokerages have recently issued reports on GLUU. BidaskClub upgraded shares of Glu Mobile from a “sell” rating to a “hold” rating in a research note on Thursday, January 16th. Piper Sandler increased their price objective on shares of Glu Mobile from $6.50 to $8.00 and gave the company an “overweight” rating in a research note on Thursday. Stifel Nicolaus increased their price objective on shares of Glu Mobile from to and gave the company a “buy” rating in a research note on Thursday. Wedbush restated a “buy” rating and issued a $7.50 price objective on shares of Glu Mobile in a research note on Thursday. Finally, ValuEngine upgraded shares of Glu Mobile from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Glu Mobile presently has a consensus rating of “Buy” and a consensus target price of $7.56.
In other news, CFO Eric R. Ludwig sold 68,334 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $6.51, for a total value of $444,854.34. Following the sale, the chief financial officer now owns 125,334 shares of the company’s stock, valued at approximately $815,924.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Eric R. Ludwig sold 20,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $5.75, for a total transaction of $115,000.00. Following the completion of the sale, the chief financial officer now directly owns 77,938 shares in the company, valued at approximately $448,143.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,500 shares of company stock worth $584,850. 6.84% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of GLUU. DNB Asset Management AS bought a new stake in Glu Mobile during the 3rd quarter worth about $17,010,000. Nuveen Asset Management LLC bought a new stake in Glu Mobile during the 2nd quarter worth about $14,810,000. State Street Corp grew its holdings in Glu Mobile by 35.9% during the 4th quarter. State Street Corp now owns 3,591,297 shares of the company’s stock worth $21,727,000 after acquiring an additional 948,214 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Glu Mobile by 4,811.3% during the 4th quarter. Principal Financial Group Inc. now owns 925,925 shares of the company’s stock worth $5,602,000 after acquiring an additional 907,072 shares during the last quarter. Finally, Raging Capital Management LLC bought a new stake in Glu Mobile during the 3rd quarter worth about $2,562,000. 64.03% of the stock is currently owned by hedge funds and other institutional investors.
The business’s fifty day simple moving average is $6.13 and its 200 day simple moving average is $5.64. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.21. The stock has a market cap of $940.32 million, a P/E ratio of 92.14, a price-to-earnings-growth ratio of 3.37 and a beta of 1.11.
About Glu Mobile (NASDAQ:GLUU)
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.
