By now investors in Glu Mobile Inc. (NASDAQ: GLUU) might be wondering when the stock will break free off its limitations and rise above $3. The $3 ceiling seems almost the thing for the multimedia and graphics software company that has only managed a 52-week high of 2.88. To be fair GLUU has managed to keep its technical stats all green. The YTD performance for instance is a respectable 48% and on a quarterly basis the stock is up 17%. Looking at other numbers we see that the stock is up 0.52% on its 52-week high whilst also 67% up on its 52-week low. The green stats also extended into the world of the moving averages. Looking at this line we see that GLUU is up 9% on its DMA 20. GLUU is also up 10% on its DMA 50. The big number to watch though is the DMA 200 which is up 25%. On a long term basis it means that GLUU is uptrending and doing so for an extended period of time – always a good sign for eager investors.
Looking ahead investors can take some comfort from the performance on Wednesday when GLUU opened at 2.75 before breaching the psychologically important threshold of $3. GLUU bettered this mark by 2 cents, rising to 3.02 before pulling back to 2.67. In the end the stock closed up 5% to finish the day’s trading at 2.89 on the back of explosive volume of 7.27M.
Those numbers will certainly act as a bonus for investors and the fact that GLUU has gone above 3.00 shows that it is still possible. As a matter of fact, analysts will have to come up with another target price as the existing target price of 2.87 is now dust.