GLOBALFOUNDRIES (NASDAQ:GFS) Sets New 1-Year Low at $39.72

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Cantor Fitzgerald reiterated a “neutral” rating and set a $55.00 price objective on shares of GLOBALFOUNDRIES in a report on Tuesday, July 16th. Evercore ISI lowered their target price on shares of GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. TD Cowen lowered their target price on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Wedbush reissued an “outperform” rating and set a $65.00 target price on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, GLOBALFOUNDRIES presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.54.

GLOBALFOUNDRIES Stock Up 2.8 %

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 business has a 50 day moving average price of $48.16 and a 200 day moving average price of $49.91. The firm has a market capitalization of $22.68 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 6.48 and a beta of 1.54.

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

Hedge Funds Weigh In On GLOBALFOUNDRIES

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV bought a new position in GLOBALFOUNDRIES during the second quarter valued at about $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in GLOBALFOUNDRIES during the second quarter valued at about $65,000. CWM LLC increased its stake in GLOBALFOUNDRIES by 38.6% during the second quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares during the period. Lazard Asset Management LLC increased its stake in GLOBALFOUNDRIES by 47.3% during the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after acquiring an additional 786 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in GLOBALFOUNDRIES by 128.8% during the first quarter. China Universal Asset Management Co. Ltd. now owns 2,471 shares of the company’s stock valued at $129,000 after acquiring an additional 1,391 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.