Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that its Board of Directors plans to adopt a stock repurchase program under which the company may repurchase up to $50 million of its outstanding common stock. The company expects to implement the repurchase program during its next open trading window that is currently scheduled to open following its upcoming February 3, 2016earnings call.

“We are pleased that Glu’s strong balance sheet enables us to simultaneously enhance stockholder value through share repurchases while continuing to invest in internal and external opportunities that we believe will drive long-term growth. The repurchase program reflects our confidence in the future of our business and our belief in the true long-term value of the company,” stated Niccolo de Masi, Chairman and Chief Executive Officer of Glu.

The company anticipates that the timing and amount of any shares repurchased will be determined by Glu’s management based on its evaluation of market conditions and other factors. Once adopted, the repurchase program may be suspended, discontinued or modified at any time.

The company expects that the repurchase program will be funded using Glu’s working capital. As of September 30, 2015, Glu had cash and cash equivalents of$182.3 million and approximately 131.3 million shares of common stock outstanding. (Original Source)

Shares of Glu Mobile Inc closed last Friday at $2.41, up $0.22 or 10.05%. GLUU has a 1-year high of $7.03 and a 1-year low of $2.18. The stock’s 50-day moving average is $2.82 and its 200-day moving average is $4.27.

On the ratings front, Glu Mobile has been the subject of a number of recent research reports. In a report issued on December 28, Cowen analyst Doug Creutz reiterated a Buy rating on GLUU, with a price target of $5, which represents a potential upside of 107.5% from where the stock is currently trading. Separately, on the same day, Craig-Hallum’s Mitchell Bartlett maintained a Buy rating on the stock and has a price target of $4.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Doug Creutz and Mitchell Bartlett have a total average return of 11.0% and -7.7% respectively. Creutz has a success rate of 46.9% and is ranked #535 out of 3610 analysts, while Bartlett has a success rate of 36.4% and is ranked #2849.

Overall, 4 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.23 which is 75.5% above where the stock closed last Friday.

Glu Mobile Inc develops, publishes & markets games designed to appeal to users of smartphones & tablet devices. Its gaming brands include Blood & Glory, Contract Killer, Deer Hunter, Eternity Warriors, Frontline Commando, Gun Bros, & Heroes of Destiny.