GlobalFoundries (NASDAQ:GFS) Trading Down 6.5% – Here’s What Happened

GlobalFoundries Inc. (NASDAQ:GFS)’s share price fell 6.5% on Tuesday . The company traded as low as $38.07 and last traded at $37.18. 296,605 shares were traded during mid-day trading, a decline of 82% from the average session volume of 1,662,223 shares. The stock had previously closed at $39.75.

Analysts Set New Price Targets

Several analysts have issued reports on GFS shares. Morgan Stanley raised their price target on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. UBS Group lowered their price target on GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Needham & Company LLC upgraded GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 12th. Finally, Wedbush restated an “outperform” rating and set a $60.00 price objective on shares of GlobalFoundries in a research report on Wednesday, February 12th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.64.

GlobalFoundries Stock Down 5.7 %

The firm has a market capitalization of $20.68 billion, a price-to-earnings ratio of -78.05, a P/E/G ratio of 1.42 and a beta of 1.57. The firm has a fifty day moving average price of $41.37 and a 200 day moving average price of $41.71. The company has a current ratio of 2.11, a quick ratio of 1.57 and a debt-to-equity ratio of 0.14.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. Sell-side analysts anticipate that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. FMR LLC raised its position in shares of GlobalFoundries by 7.5% during the fourth quarter. FMR LLC now owns 53,096,556 shares of the company’s stock worth $2,278,373,000 after acquiring an additional 3,721,153 shares during the last quarter. Analog Century Management LP bought a new stake in GlobalFoundries during the 4th quarter worth about $50,298,000. BNP Paribas Financial Markets acquired a new position in GlobalFoundries during the 4th quarter valued at about $22,912,000. Adage Capital Partners GP L.L.C. acquired a new position in GlobalFoundries during the 4th quarter valued at about $16,091,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of GlobalFoundries in the 4th quarter valued at about $11,778,000.

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.