Short Interest in GlobalFoundries Inc. (NASDAQ:GFS) Drops By 9.4%

GlobalFoundries Inc. (NASDAQ:GFS) saw a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 13,340,000 shares, a decrease of 9.4% from the November 30th total of 14,720,000 shares. Currently, 12.7% of the shares of the company are short sold. Based on an average daily trading volume, of 1,690,000 shares, the days-to-cover ratio is currently 7.9 days.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft decreased their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Robert W. Baird cut their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, Susquehanna decreased their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.21.

Hedge Funds Weigh In On GlobalFoundries

Hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC boosted its stake in shares of GlobalFoundries by 439.3% during the 3rd quarter. Tidal Investments LLC now owns 32,318 shares of the company’s stock worth $1,301,000 after purchasing an additional 26,325 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of GlobalFoundries during the third quarter valued at approximately $689,000. Toronto Dominion Bank boosted its position in GlobalFoundries by 55.8% during the third quarter. Toronto Dominion Bank now owns 7,851 shares of the company’s stock worth $316,000 after acquiring an additional 2,811 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in GlobalFoundries by 20.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 20,746 shares of the company’s stock worth $835,000 after acquiring an additional 3,520 shares during the period. Finally, Wahed Invest LLC raised its holdings in GlobalFoundries by 37.4% in the 3rd quarter. Wahed Invest LLC now owns 2,386 shares of the company’s stock valued at $96,000 after acquiring an additional 650 shares during the last quarter.

GlobalFoundries Price Performance

NASDAQ GFS traded down $0.29 during trading hours on Wednesday, reaching $42.91. The company’s stock had a trading volume of 1,019,188 shares, compared to its average volume of 1,617,984. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company’s 50-day moving average is $42.68 and its two-hundred day moving average is $44.67. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $61.98. The stock has a market cap of $23.68 billion, a PE ratio of 32.02, a PEG ratio of 10.71 and a beta of 1.59.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the business earned $0.47 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. Analysts forecast that GlobalFoundries will post 1.22 EPS for the current year.

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.