GlobalFoundries (NASDAQ:GFS) Shares Gap Up - What's Next?

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report)'s stock price 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 changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Needham & Company LLC reissued a "hold" rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Evercore ISI cut their price objective on GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Citigroup cut their price objective on GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday. Wedbush restated an "outperform" rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday. 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. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $53.23.

GlobalFoundries Stock Performance

The stock has a fifty day moving average price of $40.42 and a two-hundred day moving average price of $46.57. The company has a market cap of $22.83 billion, a P/E ratio of 28.14, a PEG ratio of 5.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business's revenue for the quarter 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. On average, equities analysts forecast that GlobalFoundries Inc. will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP increased its holdings in shares of GlobalFoundries by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company's stock valued at $126,242,000 after buying an additional 1,299,687 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company's stock valued at $17,901,000 after buying an additional 257,749 shares in the last quarter. Ghisallo Capital Management LLC increased its holdings in shares of GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company's stock valued at $15,168,000 after buying an additional 200,000 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of GlobalFoundries by 2,162.6% in the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company's stock valued at $63,750,000 after buying an additional 151,384 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of GlobalFoundries by 128.5% in the second quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company's stock valued at $11,884,000 after buying an additional 132,170 shares in the last quarter.

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.