GLOBALFOUNDRIES (NASDAQ:GFS) Reaches New 12-Month Low at $39.72

GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $39.72 and last traded at $39.72, with a volume of 30554 shares trading hands. The stock had previously closed at $40.41.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $65.00 price target on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 price objective on shares of GLOBALFOUNDRIES in a report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft lowered their price target on GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of GLOBALFOUNDRIES in a research note on Monday, May 13th. They set a “buy” rating and a $62.00 target price on the stock. Finally, Evercore ISI decreased their price target on shares of GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.54.

GLOBALFOUNDRIES Stock Down 1.6 %

The firm has a market cap of $21.94 billion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 6.48 and a beta of 1.54. The firm has a fifty day simple moving average of $48.58 and a 200-day simple moving average of $50.10. 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 released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. GLOBALFOUNDRIES had a return on equity of 7.75% and a net margin of 11.82%. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the business posted $0.45 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that GLOBALFOUNDRIES Inc. will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GFS. Ghisallo Capital Management LLC raised its holdings in GLOBALFOUNDRIES by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after purchasing an additional 200,000 shares in the last quarter. Select Equity Group L.P. increased its stake in GLOBALFOUNDRIES by 207.1% in the 2nd quarter. Select Equity Group L.P. now owns 187,238 shares of the company’s stock worth $9,467,000 after buying an additional 126,266 shares during the period. AQR Capital Management LLC boosted its holdings in shares of GLOBALFOUNDRIES by 269.2% in the 2nd quarter. AQR Capital Management LLC now owns 124,820 shares of the company’s stock valued at $6,311,000 after buying an additional 91,015 shares in the last quarter. AXA S.A. grew its position in GLOBALFOUNDRIES by 7.3% during the second quarter. AXA S.A. now owns 39,815 shares of the company’s stock valued at $2,013,000 after buying an additional 2,696 shares during the period. Finally, Marshall Wace LLP boosted its stake in GLOBALFOUNDRIES by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after buying an additional 1,299,687 shares during the period.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.