Short Interest in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Increases By 8.8%

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 12,550,000 shares, a growth of 8.8% from the May 15th total of 11,530,000 shares. Approximately 15.8% of the company’s shares are short sold. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is currently 8.0 days.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GFS shares. Bank of America decreased their target price on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 16th. Jefferies Financial Group began coverage on shares of GLOBALFOUNDRIES in a report on Monday, May 13th. They issued a “buy” rating and a $62.00 price target on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. HSBC cut their target price on GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Finally, Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research report on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price target for the company. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.62.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Several large investors have recently added to or reduced their stakes in the stock. Mubadala Investment Co PJSC acquired a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at approximately $28,451,821,000. Ameriprise Financial Inc. grew its holdings in GLOBALFOUNDRIES by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares in the last quarter. First Trust Advisors LP increased its position in GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after acquiring an additional 201,611 shares during the period. Kodai Capital Management LP bought a new stake in GLOBALFOUNDRIES during the 4th quarter valued at $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 in the last quarter.

GLOBALFOUNDRIES Price Performance

Shares of GFS opened at $50.83 on Wednesday. GLOBALFOUNDRIES has a 52 week low of $45.52 and a 52 week high of $68.57. The company has a current ratio of 2.18, a quick ratio of 1.59 and a debt-to-equity ratio of 0.22. The firm has a market cap of $28.24 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 4.68 and a beta of 1.57. The stock has a 50 day moving average of $49.85 and a 200-day moving average of $53.26.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, May 7th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. As a group, analysts forecast that GLOBALFOUNDRIES will post 1.06 EPS for the current year.

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.