Glu Mobile Inc. (NASDAQ:GLUU) announced the acquisition of community-driven App, Poke Radar.
Built by a small team of Pokemon GO enthusiasts and relying on information submitted by its community of users – Poke Radar’s mission is to help players of the year’s most popular mobile game “catch ‘em all.” That team will join Glu Mobile and continue to offer its community the same experience they love. Having worked on the development of other apps with millions of downloads worldwide, the Poke Radar team will continue their innovative work as part of Glu.
“I am thrilled to welcome such a talented team of developers to the Glu Mobilefamily,” said Niccolo de Masi, Glu Chairman and CEO. “Poke Radar is a unique property which was built swiftly and in a nimble manner. I look forward to the significant contributions we expect this team to make at Glu.”
“I and the rest of the Poke Radar team couldn’t be more excited about joining theGlu Mobile team,” said Poke Radar Co-Founder Braydon Batungbacal. “We builtPoke Radar with a lean team from the ground up and are excited to see what the future brings with the support of such a respected publisher behind us.”
Glu has agreed to pay total cash consideration of $500,000 for all assets associated with the Poke Radar application. application. (Original Source)
Shares of Glu Mobile closed yesterday at $2.27, down $0.02 or -0.87%. GLUU has a 1-year high of $4.96 and a 1-year low of $1.98. The stock’s 50-day moving average is $2.28 and its 200-day moving average is $2.55.
On the ratings front, GLUU stock has been the subject of a number of recent research reports. In a report issued on August 4, Canaccord Genuity analyst Michael Graham maintained a Hold rating on GLUU, with a price target of $3.00, which implies an upside of 32% from current levels. Separately, on August 3, Northland’s Jeff Houston downgraded the stock to Hold and has a price target of $2.25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Graham and Jeff Houston have a total average return of 11.8% and 5.1% respectively. Graham has a success rate of 57% and is ranked #115 out of 4163 analysts, while Houston has a success rate of 55% and is ranked #1026.
Overall, 4 research analysts have assigned a Hold rating and . When considering if perhaps the stock is under or overvalued, the average price target is $2.63 which is 15.9% above where the stock closed yesterday.
Glu Mobile, Inc. designs, markets and sells mobile games. It develops, publishes and markets a portfolio of games designed to appeal to a broad cross section of the 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, Amazon Appstore and others. The company occupies leadership positions in four gaming genres: action, celebrity, sports, and simulation. It creates games in these genres based on its own brands, including Contract Killer, Cooking Dash, Deer Hunter, Diner Dash, Eternity Warriors, Frontline Commando, Gun Bros, and Heroes of Destiny. The company also creates games based on third-party licensed brands, including Kim Kardashian: Hollywood, Kendall and Kylie, Katy Perry Pop, James Bond: World of Espionage, Mission Impossible: Rogue Nation and Sniper X With Jason Statham, as well as company own branded games that incorporate third-party licensed brands, properties and other content, such as Racing Rivals, Tap Sports Baseball, and Tap Sports Football.