GlobalFoundries (NASDAQ:GFS) Shares Gap Up – Here’s What Happened

GlobalFoundries Inc. (NASDAQ:GFS) shares gapped up before the market opened on Wednesday . The stock had previously closed at $34.81, but opened at $37.06. GlobalFoundries shares last traded at $33.3380, with a volume of 2,146,216 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Bank of America lowered shares of GlobalFoundries from a “neutral” rating to an “underperform” rating and set a $35.00 price target on the stock. in a research report on Monday, October 13th. JPMorgan Chase & Co. dropped their target price on shares of GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday. Evercore ISI raised their target price on shares of GlobalFoundries from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday. Weiss Ratings reissued a “sell (d)” rating on shares of GlobalFoundries in a research report on Wednesday, October 8th. Finally, Citigroup dropped their price objective on GlobalFoundries from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, GlobalFoundries has a consensus rating of “Hold” and an average price target of $40.21.

GlobalFoundries Trading Up 1.0%

The business has a fifty day moving average price of $34.29 and a 200-day moving average price of $36.05. The company has a quick ratio of 1.92, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The company has a market cap of $18.27 billion, a P/E ratio of -367.18, a PEG ratio of 1.29 and a beta of 1.49.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GFS. Signaturefd LLC increased its position in GlobalFoundries by 51.3% during the first quarter. Signaturefd LLC now owns 1,026 shares of the company’s stock worth $38,000 after acquiring an additional 348 shares during the period. SBI Securities Co. Ltd. raised its position in shares of GlobalFoundries by 26.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company’s stock valued at $57,000 after buying an additional 320 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of GlobalFoundries in the first quarter valued at approximately $102,000. Denali Advisors LLC grew its position in GlobalFoundries by 15.4% during the first quarter. Denali Advisors LLC now owns 9,827 shares of the company’s stock worth $363,000 after buying an additional 1,311 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in GlobalFoundries by 8,540.7% during the first quarter. Pacer Advisors Inc. now owns 2,472,634 shares of the company’s stock worth $91,265,000 after buying an additional 2,444,018 shares in the last quarter.

About GlobalFoundries

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.