GlobalFoundries (NASDAQ:GFS) Shares Gap Down - Should You Sell?

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $40.40, but opened at $39.02. GlobalFoundries shares last traded at $40.44, with a volume of 146,583 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley downgraded shares of GlobalFoundries from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $53.00 to $43.00 in a research report on Monday. Evercore ISI lowered their price objective on shares of GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald reduced their target price on shares of GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. Wedbush reaffirmed an "outperform" rating and set a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, TD Cowen reduced their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $54.85.

GlobalFoundries Stock Down 0.4 %

The company has a market capitalization of $22.20 billion, a PE ratio of 24.85, a PEG ratio of 6.35 and a beta of 1.52. The company's 50 day moving average is $41.34 and its two-hundred day moving average is $47.00. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries's quarterly revenue was down 11.5% on a year-over-year basis. During the same period last year, the company posted $0.45 earnings per share. On average, analysts anticipate that GlobalFoundries Inc. will post 1.09 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors have recently bought and sold shares of GFS. DekaBank Deutsche Girozentrale lifted its position in GlobalFoundries by 4.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company's stock valued at $357,000 after purchasing an additional 340 shares during the last quarter. CWM LLC lifted its position in GlobalFoundries by 38.6% during the second quarter. CWM LLC now owns 1,339 shares of the company's stock valued at $68,000 after purchasing an additional 373 shares during the last quarter. Pacer Advisors Inc. lifted its position in GlobalFoundries by 1.7% during the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company's stock valued at $1,333,000 after purchasing an additional 444 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in GlobalFoundries by 1.3% during the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company's stock valued at $1,758,000 after purchasing an additional 450 shares during the last quarter. Finally, Profund Advisors LLC lifted its position in GlobalFoundries by 1.1% during the second quarter. Profund Advisors LLC now owns 45,626 shares of the company's stock valued at $2,307,000 after purchasing an additional 515 shares during 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.