GlobalFoundries (NASDAQ:GFS) Shares Gap Up - Here's What Happened

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $40.93, but opened at $43.09. GlobalFoundries shares last traded at $43.00, with a volume of 282,431 shares changing hands.

Analyst Upgrades and Downgrades

GFS has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft dropped their price objective on GlobalFoundries from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Morgan Stanley downgraded GlobalFoundries from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $53.00 to $43.00 in a report on Monday, October 28th. Susquehanna dropped their price target on GlobalFoundries from $50.00 to $48.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday, November 6th. Nine 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.com, GlobalFoundries has a consensus rating of "Hold" and an average price target of $50.21.

GlobalFoundries Trading Up 5.3 %

The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The company's fifty day moving average price is $43.08 and its two-hundred day moving average price is $43.94. The firm has a market cap of $23.78 billion, a PE ratio of 32.16, a P/E/G ratio of 8.70 and a beta of 1.57.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.08. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 EPS. As a group, sell-side analysts forecast that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of GlobalFoundries in the 3rd quarter worth approximately $34,000. US Bancorp DE boosted its position in 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 acquired a new stake in GlobalFoundries in the third quarter valued at $60,000. Advisors Asset Management Inc. increased its position in shares of GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company's stock valued at $64,000 after buying an additional 463 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in shares of GlobalFoundries during the 3rd quarter worth $66,000.

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.