The stock of Glu Mobile Inc. (NASDAQ:GLUU) is now priced at $8.11 and the shares are 0.17 points up or 2.14% higher compared to its previous closing price of $7.94. The stock had 5.024 million contracts set over the past session. GLUU shares’ daily volume is compared to its average trading volume at 4.896 million shares. However, it has a float of 144 million and although its performance was -0.37% over the week, it’s one to watch. Analysts have given the GLUU stock a yearly average price target of $11.2 per share. It means the stock’s upside potential is 38.1% with the GLUU share price recently placing at $7.89 to $8.25. However, some brokerage firms have priced the stock below the average, including one that has called $9.8.
The shorts are climbing into the Glu Mobile Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the GLUU shares have risen. Short interest in the stock represents just 8.66% of its float, but the volume has raised by 2029644. The volume of shorted shares rised to 12.511 million from 10.481 million shares over the last two weeks. The average intraday trading volume has been 6.915 million shares, which means that days to cover moved to roughly 1.809327.
In the last trading session, Glu Mobile Inc. (NASDAQ:GLUU) dropped by -$0.03 over the week and lost -$1.67 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.85. The stock recorded its established 52-week high on 07/13/20.
Since 03/16/20, the stock has traded to a low of $3.98 at 103.77%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.59. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Glu Mobile Inc.’s two-week RSI is 45.86. This suggests that the stock is neutral at the moment and that GLUU shares’ price movement remains stable. The stochastic readings are equally revealing at 52.76% meaning the GLUU share price is currently in neutral territory.
The technical chart shows that the GLUU stock will likely settle at between $8.28 and $8.44 per share. However, if the stock dips below $7.92, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.72.
Currently, the stock is trading in the red of MACD, with a reading of -0.14. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned GLUU a rating of Buy in their intiating review released on September 01. UBS analysts see the stock as a Buy with a target price of $13 in a flash note released to investors on June 10 initiating covering the stock. Morgan Stanley seeing the stock struggling downgraded it from Overweight to Equal-Weight on May 11 placing it at $10.5.
The average rating for the GLUU equity is 2.08 and is currently gathering a bullish momentum. Of 12 analysts tracking Glu Mobile Inc. polled by Reuters, 1 rated GLUU as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (11) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the GLUU stock price is 18.52X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 85.8. Glu Mobile Inc. has its P/E ratio at 3.8, which means that the stock is currently trading at a discount relative to the 8.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Glu Mobile Inc. (NASDAQ:GLUU) will decrease by about -99.9%, which will see them reach $134 million. The company’s full-year revenues are, however, expected to increase by about 28.73%, up from $423 million to $545 million. GLUU’s expected adjusted earnings should surge almost 0% to end up at $0.07 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 33.33% to record $0.36/share.