GLOBALFOUNDRIES (NASDAQ:GFS) Hits New 52-Week Low at $38.98

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

Analysts Set New Price Targets

Several brokerages recently commented on GFS. Deutsche Bank Aktiengesellschaft cut their price target on shares of GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $65.00 target price on shares of GLOBALFOUNDRIES in a research report 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. Evercore ISI lowered their price target on GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.54.

GLOBALFOUNDRIES Price Performance

The business has a 50-day moving average price of $46.91 and a 200 day moving average price of $49.40. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The company has a market cap of $21.62 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 6.64 and a beta of 1.54.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced 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 company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business earned $0.45 EPS. The company’s revenue was down 11.5% on a year-over-year basis. As a group, research analysts expect that GLOBALFOUNDRIES Inc. will post 1.09 earnings per share for the current fiscal year.

Institutional Trading of GLOBALFOUNDRIES

Several large investors have recently added to or reduced their stakes in the company. Ghisallo Capital Management LLC increased its stake in shares of GLOBALFOUNDRIES by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after acquiring an additional 200,000 shares during the last quarter. Select Equity Group L.P. increased its stake in shares of GLOBALFOUNDRIES by 207.1% in the second quarter. Select Equity Group L.P. now owns 187,238 shares of the company’s stock worth $9,467,000 after acquiring an additional 126,266 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of GLOBALFOUNDRIES by 269.2% in the second quarter. AQR Capital Management LLC now owns 124,820 shares of the company’s stock worth $6,311,000 after acquiring an additional 91,015 shares during the last quarter. AXA S.A. increased its stake in shares of GLOBALFOUNDRIES by 7.3% in the second quarter. AXA S.A. now owns 39,815 shares of the company’s stock worth $2,013,000 after acquiring an additional 2,696 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of GLOBALFOUNDRIES by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after acquiring an additional 1,299,687 shares during the last quarter.

GLOBALFOUNDRIES Company Profile

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.