Short Interest in GlobalFoundries Inc. (NASDAQ:GFS) Rises By 5.1%

GlobalFoundries Inc. (NASDAQ:GFS) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 13,250,000 shares, a growth of 5.1% from the October 31st total of 12,610,000 shares. Based on an average trading volume of 1,640,000 shares, the days-to-cover ratio is presently 8.1 days. Approximately 12.6% of the shares of the stock are short sold.

GlobalFoundries Trading Down 0.6 %

Shares of GlobalFoundries stock traded down $0.27 during trading on Tuesday, hitting $44.85. 498,368 shares of the company were exchanged, compared to its average volume of 1,623,420. The firm has a market capitalization of $24.75 billion, a P/E ratio of 33.67, a price-to-earnings-growth ratio of 10.56 and a beta of 1.59. The firm’s fifty day moving average price is $40.97 and its 200 day moving average price is $45.62. 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 1-year low of $35.85 and a 1-year high of $62.61.

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

Institutional Trading of GlobalFoundries

Several hedge funds have recently added to or reduced their stakes in GFS. Ghisallo Capital Management LLC raised its holdings in shares of GlobalFoundries by 200.0% during the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after acquiring an additional 200,000 shares during the period. Quantbot Technologies LP raised its stake in shares of GlobalFoundries by 89.0% in the 3rd quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after purchasing an additional 34,731 shares during the period. Global X Japan Co. Ltd. lifted its holdings in shares of GlobalFoundries by 52.0% in the second 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 in the last quarter. Versor Investments LP boosted its position in shares of GlobalFoundries by 167.7% during the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after buying an additional 11,908 shares during the period. Finally, Renaissance Capital LLC boosted its position in shares of GlobalFoundries by 20.0% during the third quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after buying an additional 17,707 shares during the period.

Wall Street Analyst Weigh In

GFS has been the topic of several research analyst reports. Susquehanna decreased 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday, November 6th. Morgan Stanley cut shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Citigroup dropped their price objective on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Finally, TD Cowen lowered their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.21.

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.