GlobalFoundries Inc. (NASDAQ:GFS) Short Interest Update

GlobalFoundries Inc. (NASDAQ:GFS) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 13,250,000 shares, an increase of 5.1% from the October 31st total of 12,610,000 shares. Based on an average trading volume of 1,640,000 shares, the short-interest ratio is presently 8.1 days. Currently, 12.6% of the company’s stock are short sold.

GlobalFoundries Stock Performance

NASDAQ GFS traded down $0.27 during midday trading on Tuesday, hitting $44.85. The company had a trading volume of 498,368 shares, compared to its average volume of 1,623,420. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The stock has a market cap of $24.75 billion, a price-to-earnings ratio of 33.67, a P/E/G ratio of 10.56 and a beta of 1.59. The firm has a fifty day simple moving average of $40.97 and a two-hundred day simple moving average of $45.62.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the business posted $0.47 earnings per share. GlobalFoundries’s quarterly revenue was down 6.1% on a year-over-year basis. Equities analysts forecast that GlobalFoundries will post 1.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GFS. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Citigroup cut their price objective on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Wedbush reissued an “outperform” rating and issued a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, UBS Group initiated coverage on GlobalFoundries in a report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $50.21.

Institutional Trading of GlobalFoundries

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries during the third quarter worth about $34,000. Massmutual Trust Co. FSB ADV acquired a new stake in GlobalFoundries in the 2nd quarter valued at $59,000. US Bancorp DE raised 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. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of GlobalFoundries during the second quarter valued at $65,000. Finally, CWM LLC boosted its stake in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after purchasing an additional 373 shares in the last quarter.

About GlobalFoundries

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.