GLOBALFOUNDRIES (NASDAQ:GFS) Hits New 12-Month Low at $48.12

GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $48.12 and last traded at $48.20, with a volume of 576757 shares changing hands. The stock had previously closed at $49.38.

Analyst Upgrades and Downgrades

Several research firms recently commented on GFS. Susquehanna reiterated a “neutral” rating and issued a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. JPMorgan Chase & Co. lowered their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Citigroup downgraded 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 report on Wednesday, February 14th. Bank of America reduced their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Robert W. Baird cut their price target on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.08.

GLOBALFOUNDRIES Stock Performance

The firm has a market capitalization of $26.18 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 3.99 and a beta of 1.61. The stock has a 50-day moving average of $52.65 and a 200 day moving average of $54.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The firm’s revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 EPS. On average, research analysts anticipate that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mubadala Investment Co PJSC acquired a new stake in GLOBALFOUNDRIES during the fourth quarter worth approximately $28,451,821,000. FMR LLC raised its position in GLOBALFOUNDRIES by 18.7% during the third quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after purchasing an additional 5,544,907 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of GLOBALFOUNDRIES by 36.1% during the third quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares during the last quarter. First Trust Advisors LP grew its stake in shares of GLOBALFOUNDRIES by 9.9% during the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after buying an additional 201,611 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $80,293,000.

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.