GlobalFoundries (NASDAQ:GFS) Sees Strong Trading Volume – Time to Buy?

GlobalFoundries Inc. (NASDAQ:GFS) saw strong trading volume on Tuesday . 1,454,135 shares traded hands during trading, a decline of 18% from the previous session’s volume of 1,770,172 shares.The stock last traded at $39.94 and had previously closed at $37.74.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Citigroup decreased their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, November 5th. Finally, Evercore ISI cut their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Stock Performance

The firm’s fifty day moving average price is $42.63 and its two-hundred day moving average price is $42.49. The stock has a market capitalization of $22.09 billion, a PE ratio of 29.90, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. As a group, equities research analysts forecast that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP increased its position in shares of GlobalFoundries by 89.0% during the third quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock worth $2,969,000 after acquiring an additional 34,731 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GlobalFoundries by 1,935.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock worth $5,120,000 after purchasing an additional 120,960 shares during the period. SG Americas Securities LLC purchased a new stake in GlobalFoundries during the 4th quarter worth about $1,748,000. Versor Investments LP raised its position in GlobalFoundries by 167.7% in the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after purchasing an additional 11,908 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of GlobalFoundries in the 3rd quarter valued at about $8,361,000.

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.