Glu Mobile Inc. (NASDAQ: GLUU) is having an incredibly strong day in the market today, but there hasn’t been any press releases or SEC filings as to why. Nonetheless, there’s a good reason for the gains. Today, we’ll talk about:
- Why GLUU is up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s Why GLUU Is Up
As mentioned above, Glu Mobile is having a great day in the market today, but no news has been released. So, what’s the deal?
The gains seem to be the result of a note from the investment bank and financial services company, Cowen. The firm’s note named GLUU the best idea of 2019, stating that there’s a lot to look forward to from this stock and that it still has a very attractive valuation.
In the note, the firm also reiterated its “Outperform” rating on the stock. However, it increased its price target. The previous price target on the stock was $8.00. Now Cowen sees it running up to $9.50.
In the note, Cowen said that GLUU is becoming more attractive as the result of a successful turnaround that has been taking place as of late. Also, with three new games set to launch in 2019, Cowen believes that the opportunity for revenue growth is there. Especially considering that one of the games is in collaboration with Disney and Pixar.
Cowen has been bullish on GLUU for quite some time, and has been pretty successful in the opinion. After all, the stock has gained 95% since the beginning of the year as the company has reported success after success with regard to its mobile games.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Glu Mobile, the news proved to be overwhelmingly positive. After all, Cowen is a highly-respected firm. When the firm speaks, investors tend to listen. With such a positive note coming out of Cowen suggesting that this stock is a top pick for the year ahead, it only makes sense that investors are excited and that we’re seeing gains. As is normally the case, our partners at Trade Ideas were the firs to alert us to the gains. Currently (2:08), GLUU is trading at $7.47 per share after a gain of $0.39 per share or 5.51% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on GLUU. In particular, we’re interested in following the continued success of the games that the company has recently launched as well as the three launches that are already set for next year. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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