Wedbush Analysts Give Glu Mobile Inc. (GLUU) a $5.00 Price Target

Wedbush set a $5.00 price target on Glu Mobile Inc. (NASDAQ:GLUU) in a research note issued to investors on Wednesday, October 18th. The brokerage currently has a hold rating on the stock.

Several other research analysts have also recently issued reports on GLUU. Roth Capital reaffirmed a buy rating and set a $3.75 target price on shares of Glu Mobile in a research note on Wednesday, June 28th. Canaccord Genuity reaffirmed a hold rating and set a $3.00 target price on shares of Glu Mobile in a research note on Friday, June 30th. Zacks Investment Research cut Glu Mobile from a hold rating to a sell rating in a research note on Tuesday, July 4th. Stifel Nicolaus reaffirmed a buy rating and set a $2.80 target price on shares of Glu Mobile in a research note on Monday, July 10th. Finally, BidaskClub raised Glu Mobile from a buy rating to a strong-buy rating in a report on Monday, July 24th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $3.53.

Shares of Glu Mobile (NASDAQ:GLUU) opened at 3.73 on Wednesday. Glu Mobile has a 12-month low of $1.73 and a 12-month high of $4.73. The stock has a 50 day moving average of $3.83 and a 200 day moving average of $3.00. The company’s market cap is $505.09 million.

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In other news, Director Hany Nada sold 766,456 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $4.51, for a total transaction of $3,456,716.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric R. Ludwig sold 160,000 shares of the firm’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $3.67, for a total value of $587,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,100,456 shares of company stock valued at $4,657,547 over the last ninety days. Company insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. IHT Wealth Management LLC acquired a new position in shares of Glu Mobile during the 2nd quarter valued at about $592,000. State Street Corp increased its holdings in shares of Glu Mobile by 6.7% during the 2nd quarter. State Street Corp now owns 1,914,877 shares of the company’s stock valued at $4,791,000 after acquiring an additional 120,550 shares during the last quarter. ETF Managers Group LLC acquired a new position in shares of Glu Mobile during the 2nd quarter valued at about $1,099,000. Lyon Street Capital LLC acquired a new position in shares of Glu Mobile during the 2nd quarter valued at about $563,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Glu Mobile by 15.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 54,822 shares of the company’s stock valued at $137,000 after acquiring an additional 7,131 shares during the last quarter. 35.09% of the stock is currently owned by institutional investors and hedge funds.

About Glu Mobile

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.

Analyst Recommendations for Glu Mobile (NASDAQ:GLUU)

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