Glu Shares Slip as Trading Continues
After a successful IPO and boisterous early trading, shares of Glu Mobile have lost nearly a full quarter of their value in subsequent weeks.
The company debuted on the NASDAQ on March 22 at $11.50, at the high end of its expected range of $10-12. First-day trading saw a frenzy of activity, with shares quickly climbing as high as $13.30.
Shares subsequently entered a steady decline until reaching the $10 mark on March 29, and have shown resistance to climbing above or dipping below the $10 range.
Glu shares are currently trading at $9.85, down $0.07, or .71% from yesterday's close of $9.92.