GlobalFoundries (NASDAQ:GFS) Trading 5.4% Higher – What’s Next?

GlobalFoundries Inc. (NASDAQ:GFS)’s share price shot up 5.4% on Monday . The company traded as high as $44.80 and last traded at $43.98. Approximately 544,588 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,621,634 shares. The stock had previously closed at $41.72.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GFS. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research report on Wednesday, November 6th. UBS Group initiated coverage on shares of GlobalFoundries in a report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price target for the company. Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Finally, Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, GlobalFoundries has a consensus rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Stock Up 1.4 %

The company has a market cap of $24.63 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 10.71 and a beta of 1.59. The business has a fifty day moving average of $42.12 and a two-hundred day moving average of $44.87. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the company posted $0.47 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, equities analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

Institutional Trading of GlobalFoundries

A number of institutional investors and hedge funds have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new stake in GlobalFoundries during the 3rd quarter worth approximately $34,000. US Bancorp DE increased its position in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares in the last quarter. AM Squared Ltd purchased a new stake in shares of GlobalFoundries during the third quarter worth approximately $60,000. Advisors Asset Management Inc. raised its stake in GlobalFoundries by 41.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after purchasing an additional 463 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new position in GlobalFoundries in the 3rd quarter valued at $66,000.

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.