GlobalFoundries Inc. (NASDAQ:GFS) Sees Large Growth in Short Interest

GlobalFoundries Inc. (NASDAQ:GFS) was the recipient of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 14,720,000 shares, a growth of 11.1% from the November 15th total of 13,250,000 shares. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is presently 8.7 days. Currently, 14.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GFS shares. Evercore ISI decreased their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Susquehanna reduced their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Finally, Wedbush restated an “outperform” rating and set a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.21.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock opened at $43.93 on Tuesday. The business has a 50-day simple moving average of $41.81 and a 200 day simple moving average of $45.13. The firm has a market capitalization of $24.24 billion, a price-to-earnings ratio of 32.78, a PEG ratio of 10.71 and a beta of 1.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping 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 company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. GlobalFoundries’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts anticipate that GlobalFoundries will post 1.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale raised its position in GlobalFoundries by 4.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after buying an additional 340 shares during the last quarter. CWM LLC raised its holdings in shares of GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after purchasing an additional 373 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of GlobalFoundries by 1.7% during the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock valued at $1,333,000 after purchasing an additional 444 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of GlobalFoundries by 1.3% during the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock valued at $1,758,000 after purchasing an additional 450 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares during 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.