GlobalFoundries (NASDAQ:GFS) Sets New 12-Month Low - What's Next?

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) reached 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

A number of analysts have commented on the stock. TD Cowen reduced their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC restated a "hold" rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Cantor Fitzgerald lowered their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. Evercore ISI cut their target price on shares of GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $65.00 target price on shares of GlobalFoundries in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.38.

GlobalFoundries Stock Performance

The firm has a 50-day simple moving average of $41.57 and a two-hundred day simple moving average of $47.18. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $21.17 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 6.45 and a beta of 1.52.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm's revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. As a group, sell-side analysts forecast that GlobalFoundries Inc. will post 1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Several hedge funds have recently bought and sold shares of the business. Marshall Wace LLP boosted its position in GlobalFoundries by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company's stock worth $126,242,000 after purchasing an additional 1,299,687 shares during the period. Renaissance Technologies LLC lifted its stake in shares of GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company's stock worth $17,901,000 after buying an additional 257,749 shares during the last quarter. Ghisallo Capital Management LLC boosted its holdings in shares of GlobalFoundries by 200.0% during 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. International Assets Investment Management LLC grew its stake in GlobalFoundries by 2,162.6% in the 3rd 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 during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in GlobalFoundries by 128.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company's stock worth $11,884,000 after acquiring an additional 132,170 shares during the period.

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.