GLOBALFOUNDRIES (NASDAQ:GFS) Hits New 52-Week Low at $48.12

GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s share price reached 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. The stock had previously closed at $49.38.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GFS shares. Citigroup lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. Robert W. Baird decreased their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Susquehanna restated 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. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.25.

GLOBALFOUNDRIES Price Performance

The company has a market capitalization of $25.89 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 4.17 and a beta of 1.61. The company has a 50-day moving average price of $52.74 and a 200-day moving average price of $54.90. 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 posted 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 during the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.37 EPS. On average, equities research analysts expect that GLOBALFOUNDRIES Inc. will post 1 EPS for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several institutional investors have recently modified their holdings of GFS. Treasurer of the State of North Carolina lifted its holdings in shares of GLOBALFOUNDRIES by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock valued at $2,005,000 after purchasing an additional 180 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after purchasing an additional 187 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of GLOBALFOUNDRIES by 6.2% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock valued at $314,000 after purchasing an additional 316 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of GLOBALFOUNDRIES by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock valued at $358,000 after purchasing an additional 321 shares in the last quarter. Finally, Balentine LLC lifted its holdings in shares of GLOBALFOUNDRIES by 7.8% during the 2nd quarter. Balentine LLC now owns 4,525 shares of the company’s stock valued at $292,000 after purchasing an additional 326 shares in the last quarter.

About GLOBALFOUNDRIES

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.