GlobalFoundries (NASDAQ:GFS) Sets New 52-Week Low – Here’s What Happened

Shares of GlobalFoundries Inc. (NASDAQ:GFS) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $37.63 and last traded at $37.76, with a volume of 42490 shares trading hands. The stock had previously closed at $38.12.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. TD Cowen cut their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Evercore ISI cut their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Cantor Fitzgerald cut their target price on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Morgan Stanley cut shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $53.00 to $43.00 in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $54.85.

GlobalFoundries Trading Down 3.3 %

The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The firm’s 50-day simple moving average is $40.96 and its 200 day simple moving average is $46.80. The stock has a market capitalization of $20.35 billion, a P/E ratio of 25.93, a PEG ratio of 6.35 and a beta of 1.52.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. GlobalFoundries’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts anticipate that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

A number of institutional investors have recently bought and sold shares of GFS. US Bancorp DE grew its stake in GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Pinnacle Associates Ltd. purchased a new position in GlobalFoundries during the 3rd quarter valued at about $382,000. China Universal Asset Management Co. Ltd. grew its stake in GlobalFoundries by 111.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,996 shares of the company’s stock valued at $282,000 after acquiring an additional 3,680 shares in the last quarter. abrdn plc grew its stake in GlobalFoundries by 48.0% during the 3rd quarter. abrdn plc now owns 34,643 shares of the company’s stock valued at $1,394,000 after acquiring an additional 11,243 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in GlobalFoundries by 4.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after acquiring an additional 340 shares in the last quarter.

GlobalFoundries Company Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.