GlobalFoundries (NASDAQ:GFS) Trading Down 5% – Here’s What Happened

GlobalFoundries Inc. (NASDAQ:GFS)’s share price fell 5% during trading on Wednesday . The company traded as low as $38.29 and last traded at $38.69. 757,777 shares traded 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.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GFS shares. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of GlobalFoundries in a research note on Wednesday, August 7th. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $53.00 to $43.00 in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Evercore ISI dropped their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Price Performance

The business’s fifty day simple moving average is $41.12 and its 200 day simple moving average is $46.87. The firm has a market capitalization of $21.45 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 6.35 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, research analysts forecast that GlobalFoundries Inc. will post 1.09 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

A number of institutional investors have recently added to or reduced their stakes in the company. Ghisallo Capital Management LLC increased its position in shares of 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 acquiring an additional 200,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 period. Lazard Asset Management LLC raised its holdings in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after purchasing an additional 786 shares during the period. Global X Japan Co. Ltd. lifted its stake in GlobalFoundries by 52.0% in the second quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock valued at $3,218,000 after purchasing an additional 21,765 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in GlobalFoundries by 343.7% during the first quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock valued at $4,915,000 after purchasing an additional 73,060 shares during the period.

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.