Good news from our current trading idea Glu Mobile.
Glu Mobile saw its shares jump nearly 17% to $3.37 in Friday’s trading session, following news that a venture capital firm run by one of the company’s directors made a substantial purchase of the mobile game maker’s shares, more than doubling its holdings. A filing late Thursday indicated that GGV Capital, whose partner Hany Nada sits on Glu’s board, bought about 3.24 million shares through a 10b5-1 plan. The shares were purchased at a price of $3.05.
Glu’s stock had slid more than 28% since the first of the week. Once again, piggybacked by a profitwarning from Facebook-gaming company Zynga, Glu Mobile issued a statement on Tuesday, maintaining its prior financial guidance for the period.
It’s always good to see insiders buying shares in their companies. No one has better knowledge and understanding of where the company is going in the short-to medium term.
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