GLOBALFOUNDRIES (NASDAQ:GFS) Shares Gap Up to $49.73

GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $49.73, but opened at $52.16. GLOBALFOUNDRIES shares last traded at $53.92, with a volume of 740,288 shares.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Morgan Stanley increased their price objective on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday. Susquehanna boosted their target price on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Finally, Robert W. Baird decreased their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Seven 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, GLOBALFOUNDRIES presently has an average rating of “Moderate Buy” and a consensus price target of $61.23.

GLOBALFOUNDRIES Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.04 and a quick ratio of 1.56. The stock has a market cap of $28.56 billion, a PE ratio of 28.04, a PEG ratio of 4.16 and a beta of 1.61. The company has a 50 day moving average price of $50.69 and a two-hundred day moving average price of $53.84.

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

Institutional Trading of GLOBALFOUNDRIES

Several hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of GLOBALFOUNDRIES by 2.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 32,601 shares of the company’s stock valued at $1,699,000 after purchasing an additional 859 shares during the period. Entropy Technologies LP raised its stake in GLOBALFOUNDRIES by 101.9% during the 1st quarter. Entropy Technologies LP now owns 40,162 shares of the company’s stock valued at $2,093,000 after purchasing an additional 20,273 shares during the period. ProShare Advisors LLC lifted its holdings in GLOBALFOUNDRIES by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after purchasing an additional 112,149 shares in the last quarter. Inspire Investing LLC purchased a new stake in GLOBALFOUNDRIES during the 1st quarter valued at approximately $443,000. Finally, Meeder Asset Management Inc. raised its position in shares of GLOBALFOUNDRIES by 8.7% during the first quarter. Meeder Asset Management Inc. now owns 7,289 shares of the company’s stock valued at $380,000 after buying an additional 583 shares during the last quarter.

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.