Shares of Glu Mobile Inc. (NASDAQ:GLUU) are up over 10% today in early afternoon trading after the company announced that they will report earnings for the quarter and full year ended on December 31, 2015, nearly a month early on February 3, 2016.
Additionally, a conference call is scheduled for that date at 4:30 PM ET to discuss the earnings numbers. Investors are looking at this news as a good sign from the company, and shorts are undoubtedly becoming a bit nervous with this announcement.
Some investors are speculating that there will be an announcement of some sorts made during the release of earnings. We will keep a close watch on February 3rd to see if this speculations ends up being correct.
The stock is up 10.05% or $0.22 following the news, hitting $2.41 per share. About 1.46 million shares traded hands. GLUU has declined 67.17% since June 4, 2015 and is downtrending. It has underperformed the S&P500 by 61.31%.
From a total of 7 analysts covering Glu Mobile (NASDAQ:GLUU) stock, 3 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 43% of the ratings are positive. The highest target price is $8 while the lowest target price is $3.30. The mean of all analyst targets is $5.06 which is 109.96% above today’s ($2.41) stock price. Glu Mobile was the topic of 11 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Wedbush initiated shares on December 8 with a “Neutral” rating. TH Capital initiated GLUU stock in a recent report from November 13 with a “Buy” rating. Finally, Benchmark downgraded the stock to a “Hold” rating in a report they issued on a November 9.
The institutional sentiment decreased to 0.84 in Q2 2015. It’s down 1.02, from 1.86 in 2015Q2. The ratio dived, as 28 funds sold all their Glu Mobile Inc. shares they owned while 36 reduced their positions. 14 funds bought stakes while 40 increased their total positions. Institutions now own 74.22 million shares which is 20.00% more than the previous share count of 61.85 million in 2015Q2.
Archon Capital Management Llc holds 4.27% of its total portfolio in Glu Mobile Inc., equating to 1.11 million shares. 12 West Capital Management Lp owns 3.74 million shares representing 2.39% of their total US portfolio. Moreover, Harvest Capital Strategies Llc has 2.11% of their total portfolio invested in the company, equating to 2.70 million shares. The Pennsylvania-based Millrace Asset Group Inc. has a total of 1.92% of their portfolio invested in the stock. Park West Asset Management Llc, a California-based fund reported 2.78 million shares owned.
Glu Mobile Inc. develops, publishes and markets a portfolio of games. The company has a market cap of $289.73 million. The Firm offers games to a cross section of users of smartphones and tablet devices who download and make purchases within its games through direct-to-consumer digital storefronts, such as the Apple App Store, Google Play Store and Amazon Appstore, among others. It currently has negative earnings. The Firm creates games based on its own brands, including Blood & Glory, Contract Killer, Deer Hunter, Diner Dash, Eternity Warriors, Frontline Commando, Gun Bros and Heroes of Destiny.