GLUU stock has been pulling back over the last several days while large players volume has been surging higher.

On February 6, 2020, Stifle analyst Drew Crum reiterated a Buy rating on Glu Mobile and raised his price target on the shares to $8.75 from $8.00 after the company reported fourth quarter results that came in ahead of expectations. Crum said that growth games increased 10%, and that he was “particularly encouraged” by the commentary around “Disney’s Sorcerer’s Arena” and thought management was more upbeat on the prospects for this upcoming launch in late Q1 of 2020. The analyst said he sees this as a “key” swing factor for the shares, at least over the near-term.

Also on February 6, 2020, Piper Sandler analyst Michael Olson raised his price target for Glu Mobile to $8 from $6.50 saying the company reported strong Q4 results, with bookings and adjusted EBITDA above Street expectations. While the analyst believes Glu’s setup for 2020 is “compelling,” with new title launches, including the Disney title, he also recognizes that there is some uncertainty related to timing and success of new games. Olson keeps an Overweight rating on the shares.

On February 5, 2020, Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play mobile games, announced financial results for its fourth quarter and full year ended December 31, 2019. Glu Mobile reported Q4 EPS of 7c versus the consensus estimate of 8c. The company reported Q4 revenue of $112.9M versus the consensus estimate of $103.62M.

Highlights:

Fourth quarter revenue up 18% year over year to $112.9 million; full year 2019 revenue up 12% to $411.4 million
Fourth quarter bookings grow 10% year over year to $108.4 million; full year 2019 bookings reach record $423.3 million, up 10% year over year
Record quarterly bookings from Design Home and Covet Fashion; highest fourth quarter bookings in the Tap Sports Baseball franchise’s history
Record GAAP profitability of $10.8 million and $8.9 million and EPS $0.07 and $0.06 for the fourth quarter and full year 2019 respectively, a major milestone for the company
Company provides 2020 full year bookings guidance on its core business to a range of $423 million to $433 million; no contribution from new titles included in updated 2020 guidance

Nick Earl, Chief Executive Officer, stated, “Our strong fourth quarter and full year financial results were driven by the second consecutive quarter of record bookings from Design Home and Covet Fashion, and Tap Sports Baseball’s best fourth quarter in its history. We hit a major company milestone with record adjusted EBITDA and record GAAP profitability for the full year. Additionally, 2019 marked our highest ever bookings year and the third straight year of double-digit year-over-year growth reflecting the continued strength and sustainability of our Growth Games strategy.”

On February 4, 2020, Morgan Stanley analyst Matthew Cost initiated coverage of Glu Mobile with an Overweight rating and $7.75 price target. Cost thinks the company’s stable of game franchises can drive higher than expected earnings and multiple expansion and is positive on 2-3 launches per year diversifying Glu’s portfolio, he tells investors.

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