GlobalFoundries (NASDAQ:GFS) Stock Price Down 5% – Here’s Why

GlobalFoundries Inc. (NASDAQ:GFS)’s stock price fell 5% on Wednesday . The company traded as low as $38.29 and last traded at $38.69. 757,777 shares changed hands during trading, a decline of 51% from the average session volume of 1,543,511 shares. The stock had previously closed at $40.72.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Evercore ISI lowered their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $65.00 price target on shares of GlobalFoundries in a research note on Wednesday, August 7th. Cantor Fitzgerald reduced their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Finally, TD Cowen decreased their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, GlobalFoundries currently has an average rating of “Hold” and an average target price of $54.85.

GlobalFoundries Stock Performance

The stock has a market cap of $20.23 billion, a PE ratio of 25.08, a PEG ratio of 6.16 and a beta of 1.52. The stock has a fifty day simple moving average of $40.81 and a two-hundred day simple moving average of $46.73. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

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

Institutional Investors Weigh In On GlobalFoundries

A number of hedge funds have recently bought and sold shares of the business. Marshall Wace LLP raised its stake in shares of GlobalFoundries by 108.6% in the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares in the last quarter. Renaissance Technologies LLC increased its holdings in GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after buying an additional 257,749 shares during the last quarter. Ghisallo Capital Management LLC raised its stake in GlobalFoundries by 200.0% during the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after buying an additional 200,000 shares in the last quarter. International Assets Investment Management LLC raised its stake in GlobalFoundries by 2,162.6% during the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after buying an additional 151,384 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in GlobalFoundries by 128.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock worth $11,884,000 after buying an additional 132,170 shares during 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.