GlobalFoundries (NASDAQ:GFS) Sets New 52-Week Low – Here’s What Happened

GlobalFoundries Inc. (NASDAQ:GFS) reached a new 52-week low during trading on Thursday . The company traded as low as $37.63 and last traded at $37.76, with a volume of 42490 shares trading hands. The stock had previously closed at $38.12.

Analyst Ratings Changes

GFS has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. TD Cowen dropped their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $53.00 to $43.00 in a research note on Monday. Wedbush reiterated an “outperform” rating and set a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Stock Performance

The stock has a market cap of $20.35 billion, a PE ratio of 25.93, a PEG ratio of 6.35 and a beta of 1.52. The stock has a fifty day simple moving average of $40.96 and a two-hundred day simple moving average of $46.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. GlobalFoundries’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS. Equities analysts anticipate that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently made changes to their positions in GFS. Marshall Wace LLP boosted its stake in shares of GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after buying an additional 1,299,687 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of GlobalFoundries by 267.7% during the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after buying an additional 257,749 shares during the last quarter. Ghisallo Capital Management LLC boosted its stake in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after buying an additional 200,000 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of GlobalFoundries by 2,162.6% during the 3rd quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after buying an additional 151,384 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of GlobalFoundries by 128.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock valued at $11,884,000 after acquiring an additional 132,170 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.