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King and Glu's share prices rise sharply on no news whatsoever

King and Glu's share prices rise sharply on no news whatsoever

It's not quite above water yet, but the signs are that the share price of King (NYSE: KING) will soon be back in black.

Infamously, the company's stock opened 10 percent down on its float price of $22.50 in late March and has been dropped down ever since.

Well, no more it seems.

Hitting a nadir of $15.26 in mid-May, King's share price had been slowly rising, until the end of last week when it's jumped from $17, closing at $20.55, up 15 percent on Monday.

King share price over past 2 days

No reason has been provided, other than financial websites noting that the shares were experiencing a lot of trading volume.

Stuck to the ceiling

And King isn't the only US floated F2P mobile gaming stock on the up.

Glu Mobile (NASDAQ: GLUU) has also experienced a strong rise in its share price over recent days. From a price of $3.78 on Thursday, it's now $5.00; not far off its 52-week peak of $5.65.

Again, there's no particular news to pin this performance to; Glu's most recent release is a fashion game based on Kim Kardashian.

Glu Mobile share price over past 2 days

Yet, there is one F2P gaming stock that refuses to rise on this general market enthusiasm.

The share price of Zynga (NASDAQ: ZNGA) remains rooted around the $3-$4 range, way below its December 2012 IPO launch price of $10. 

Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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Alex Lin
GLUU's stock is riding rapidly because their new title is Top Grossing #5 and 5-stars with 25K reviews. I'd hardly call that "no news".
jon jordan
It's a reasonable point, but I don't think that in itself is enough to add $150 million to the company's market cap.
Alex Lin
I believe it is. The only new contender to breach Top #5 grossing on iOS last year was Machine Zone via Game of War.

GLUU's penetration into the Top Grossing via a female-centric game (something we haven't seen since the CrowdStar days) is somewhat of an anomaly. Yes, it is an IP title, but it's still extremely impressive.

Lastly, if you consider that it's market cap was only ~$300M but is now is generating more than $500K/day, you can start to understand why the public thinks its worth more than it currently is. Just my two cents :)
Alex Lin
rising*