GlobalFoundries (NASDAQ:GFS) Shares Gap Up – Here’s What Happened

Shares of GlobalFoundries Inc. (NASDAQ:GFS) gapped up prior to trading on Tuesday . The stock had previously closed at $36.01, but opened at $41.95. GlobalFoundries shares last traded at $39.12, with a volume of 1,863,014 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on GFS. Evercore ISI reduced their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday. Citigroup reduced their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Robert W. Baird reduced their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The business’s 50 day moving average price is $40.35 and its 200 day moving average price is $46.54. The stock has a market capitalization of $25.82 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.28 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. GlobalFoundries’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. Sell-side analysts forecast that GlobalFoundries Inc. will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Ghisallo Capital Management LLC boosted its holdings in GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after buying an additional 200,000 shares during the period. Lazard Asset Management LLC boosted its stake in shares of GlobalFoundries by 47.3% in the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after acquiring an additional 786 shares during the period. Global X Japan Co. Ltd. raised its stake in GlobalFoundries by 52.0% during the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock valued at $3,218,000 after purchasing an additional 21,765 shares during the period. Tidal Investments LLC lifted its holdings in GlobalFoundries by 343.7% in the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after purchasing an additional 73,060 shares in the last quarter. Finally, Renaissance Capital LLC boosted its stake in GlobalFoundries by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after purchasing an additional 17,707 shares during the period.

GlobalFoundries Company Profile

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.