GlobalFoundries (NASDAQ:GFS) Sets New 52-Week Low – Time to Sell?

Shares of GlobalFoundries Inc. (NASDAQ:GFS) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $38.10 and last traded at $38.11, with a volume of 434974 shares. The stock had previously closed at $39.30.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. TD Cowen cut their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Cantor Fitzgerald dropped their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft dropped their price target on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Evercore ISI dropped their target price on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $56.38.

GlobalFoundries Stock 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 stock has a market cap of $21.17 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 6.45 and a beta of 1.52. The business has a 50 day moving average price of $41.68 and a two-hundred day moving average price of $47.24.

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

Hedge Funds Weigh In On GlobalFoundries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ghisallo Capital Management LLC grew its position in shares of 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. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of GlobalFoundries by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after acquiring an additional 68,626 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after purchasing an additional 786 shares during the last quarter. Global X Japan Co. Ltd. grew its position 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 last quarter. Finally, Tidal Investments LLC increased its stake in GlobalFoundries by 343.7% during the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock valued at $4,915,000 after purchasing an additional 73,060 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.