The company still expects over $100M in revenue next year and appears to be setting up a premier development platform. So why do investors continue to sell growth stories into oblivion? This company reached a market value below $150M yet recent deals for fast growing companies have hit 10x revenue.
The stock slumped from $5 to $2 based on the game failures during Q3 that lead to 5 games being delayed during Q4 to allow the new President to review the monetization plans.
Considering a director bought nearly $10M worth of shares back in early October at around $3, why should the new purchases prop up the stock nearly 10% today? Maybe it shouldn't though continued buying by multiple insiders sure beats following a group constantly selling the stock.
List from Insider Moneky:
Considering the low value of the stock now, these purchases will quickly add up to a large percentage of the stock.
Disclosure: Long GLUU. Please review the disclaimer page for more details.