Shares of Glu Mobile Inc. (NASDAQ:GLUU) are up over 22% this morning after the company announced better than expected fourth quarter earnings and revenue, and reached a deal with Taylor Swift.
While analysts had been expecting the company to report revenue of $50.2 million with a net loss per share of $0.03, actual numbers came in much better. Glu Mobile Inc. (NASDAQ:GLUU) reported revenue of $57.9 million for the quarter with earnings per share of $0.02. Additionally, the company expects to see revenue for the full year come in at between $250 million and $275 million with a net loss per share of between $0.08 and $0.14. This compares to Wall Streets’ forecast of $259.9 million in revenue and a loss of $0.06 per share.
Additionally Glu Mobile Inc. (NASDAQ:GLUU) announced a partnership deal with Taylor Swift for the create of her very own mobile game.
“Swift will work exclusively with Glu as part of a multi-year partnership to develop and create a new, one-of-a-kind digital gaming experience,” the company said in a statement. “With a release date sometime in 2016, Glu said it would provide additional details about the game “at a later date.”
The stock closed at $2.01 during the last trading session. It is down 67.63% since June 30, 2015 and is downtrending. It has underperformed the S&P500 by 60.33%.
From a total of 8 analysts covering Glu Mobile (NASDAQ:GLUU) stock, 4 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $8 while the lowest target price is $3. The mean of all analyst targets is $4.72 which is 134.83% above today’s ($2.01) stock price. Glu Mobile was the topic of 12 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Northland Capital maintained shares on January 12 with a “Outperform” rating. Roth Capital initiated GLUU stock in a recent report from November 13 with a “Buy” rating. Finally, Oppenheimer initiated the stock with a “Perform” rating in a report they issued on a November 12.
The institutional sentiment decreased to 0.84 in Q2 2015. It’s down 1.02, from 1.86 in 2015Q2. The ratio worsened, 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 $262.61 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.