GLOBALFOUNDRIES (NASDAQ:GFS) Shares Gap Up to $49.73

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) shares gapped up prior to trading on Tuesday . The stock had previously closed at $49.73, but opened at $52.16. GLOBALFOUNDRIES shares last traded at $53.92, with a volume of 740,288 shares changing hands.

Analyst Upgrades and Downgrades

GFS has been the topic of a number of recent analyst reports. HSBC dropped their price target on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Susquehanna boosted their price objective on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup downgraded shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Finally, Robert W. Baird decreased their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Seven investment 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.23.

GLOBALFOUNDRIES Stock Performance

The stock’s 50-day moving average is $50.69 and its 200-day moving average is $53.84. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.04 and a quick ratio of 1.56. The stock has a market cap of $28.56 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.37 earnings per share. Analysts anticipate that GLOBALFOUNDRIES Inc. will post 1 EPS for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

A number of large investors have recently modified their holdings of GFS. Treasurer of the State of North Carolina raised its holdings in shares of GLOBALFOUNDRIES by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock valued at $2,005,000 after buying an additional 180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in GLOBALFOUNDRIES by 50.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after acquiring an additional 187 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in shares of GLOBALFOUNDRIES by 6.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock valued at $314,000 after purchasing an additional 316 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of GLOBALFOUNDRIES by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock worth $358,000 after purchasing an additional 321 shares during the period. Finally, Blue Trust Inc. grew its stake in GLOBALFOUNDRIES by 31.6% during the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after buying an additional 363 shares during the last quarter.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.