GLOBALFOUNDRIES (NASDAQ:GFS) Reaches New 12-Month Low at $38.98

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) hit a new 52-week low during trading on Monday . The stock traded as low as $38.98 and last traded at $38.98, with a volume of 216633 shares changing hands. The stock had previously closed at $39.75.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GFS shares. TD Cowen dropped their price target on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued a “neutral” rating and set a $55.00 target price on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Wedbush restated an “outperform” rating and set a $65.00 target price on shares of GLOBALFOUNDRIES in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of “Moderate Buy” and an average target price of $57.54.

GLOBALFOUNDRIES Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The company’s 50 day simple moving average is $47.49 and its 200 day simple moving average is $49.63. The company has a market capitalization of $21.46 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 6.64 and a beta of 1.54.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) 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 analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, sell-side analysts predict that GLOBALFOUNDRIES Inc. will post 1.09 earnings per share for the current year.

Institutional Trading of GLOBALFOUNDRIES

Large investors have recently made changes to their positions in the company. Mubadala Investment Co PJSC acquired a new stake in GLOBALFOUNDRIES during the 4th quarter worth $28,451,821,000. Marshall Wace LLP boosted its stake in shares of 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. First Trust Advisors LP grew its holdings in shares of GLOBALFOUNDRIES by 9.9% during the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after buying an additional 201,611 shares during the last quarter. Kodai Capital Management LP acquired a new position in GLOBALFOUNDRIES in the 4th quarter valued at about $67,351,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in GLOBALFOUNDRIES by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after acquiring an additional 68,626 shares during the last quarter.

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.