Tidal Investments LLC Boosts Stake in GlobalFoundries Inc. (NASDAQ:GFS)

Tidal Investments LLC increased its position in GlobalFoundries Inc. (NASDAQ:GFS) by 439.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,318 shares of the company’s stock after purchasing an additional 26,325 shares during the quarter. Tidal Investments LLC’s holdings in GlobalFoundries were worth $1,301,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of GlobalFoundries during the 3rd quarter valued at $34,000. US Bancorp DE boosted its stake in GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares in the last quarter. AM Squared Ltd purchased a new stake in GlobalFoundries in the third quarter worth about $60,000. Advisors Asset Management Inc. increased its stake in shares of GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after purchasing an additional 463 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of GlobalFoundries during the third quarter valued at approximately $66,000.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GFS shares. UBS Group initiated coverage on GlobalFoundries in a research note on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. Evercore ISI dropped their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Finally, Citigroup dropped their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, GlobalFoundries has an average rating of “Hold” and an average price target of $50.21.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS opened at $42.39 on Thursday. The company has a market cap of $23.39 billion, a P/E ratio of 31.63, a P/E/G ratio of 10.71 and a beta of 1.59. The firm’s fifty day moving average is $42.03 and its two-hundred day moving average is $45.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. GlobalFoundries Inc. has a 52-week low of $35.85 and a 52-week high of $62.61.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. GlobalFoundries’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. As a group, analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

GlobalFoundries 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.