GlobalFoundries Inc. (NASDAQ:GFS) Sees Large Increase in Short Interest

GlobalFoundries Inc. (NASDAQ:GFS) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 13,250,000 shares, a growth of 5.1% from the October 31st total of 12,610,000 shares. Based on an average trading volume of 1,640,000 shares, the short-interest ratio is presently 8.1 days. Approximately 12.6% of the shares of the company are sold short.

Wall Street Analyst Weigh In

GFS has been the subject of several recent research reports. UBS Group initiated coverage on GlobalFoundries in a report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target for the company. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. Finally, Wedbush reissued an “outperform” rating and set a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.21.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock opened at $44.38 on Thursday. The stock has a 50 day moving average of $41.19 and a 200 day moving average of $45.54. GlobalFoundries has a 12 month low of $35.85 and a 12 month high of $62.61. The firm has a market cap of $24.49 billion, a PE ratio of 33.12, a PEG ratio of 11.02 and a beta of 1.59. 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 posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company earned $0.47 EPS. On average, research analysts expect that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Institutional investors have recently modified their holdings of the stock. Ghisallo Capital Management LLC lifted its stake in shares of GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of GlobalFoundries by 89.0% in the 3rd quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after purchasing an additional 34,731 shares during the last quarter. Global X Japan Co. Ltd. lifted its stake in shares of GlobalFoundries by 52.0% during the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after acquiring an additional 21,765 shares during the last quarter. Versor Investments LP lifted its stake in shares of GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after acquiring an additional 11,908 shares during the last quarter. Finally, Renaissance Capital LLC lifted its stake in shares of GlobalFoundries by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after acquiring an additional 17,707 shares during the last quarter.

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.