GLOBALFOUNDRIES (NASDAQ:GFS – Get a score) on Tuesday morning issued an update on its Q3 2022 earnings guidance. The company provided EPS guidance of $0.59 to $0.65 for the period, compared to the estimate consensus earnings per share of $0.44. The company issued revenue guidance of $2.04 billion to $2.06 billion, compared to the consensus revenue estimate of $1.99 billion. GLOBALFOUNDRIES also upgraded its Q3 guidance to $0.59-$0.65 EPS.
GLOBALFOUNDRIES share performance
GFS traded down $3.34 during trading on Tuesday, hitting $55.85. The company’s stock had a trading volume of 74,709 shares, compared to its average volume of 2,454,640. The company has a fifty day simple moving average of $48.22 and a two hundred day simple moving average of $53.84. The company has a current ratio of 1.70, a quick ratio of 1.35, and a debt-to-equity ratio of 0.26. GLOBALFOUNDRIES has a one year low of $36.81 and a one year high of $79.49.
GLOBALFOUNDRIES (NASDAQ:GFS – Get a score) last published its results on Tuesday, May 10. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.19. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.9 billion. During the same quarter last year, the business posted EPS of ($0.25). The company’s revenue for the quarter was up 36.8% year over year. As a group, analysts forecast that GLOBALFOUNDRIES will post 1.97 EPS for the current year.
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A number of research firms have recently commented on GFS. Susquehanna Bancshares lowered their price objective on GLOBALFOUNDRIES from $85.00 to $75.00 in a report on Monday, July 11th. Needham & Company LLC dropped their price objective on GLOBALFOUNDRIES to $50.00 in a report on Tuesday, July 5th. Bank of America dropped their target price on GLOBALFOUNDRIES from $75.00 to $57.00 and set a buy rating on the stock in a research note on Wednesday, June 29th. JPMorgan Chase & Co. dropped their target price on GLOBALFOUNDRIES from $82.00 to $77.00 in a research note on Wednesday, May 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on GLOBALFOUNDRIES from $70.00 to $55.00 in a research note on Wednesday, July 20th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. GLOBALFOUNDRIES has an average rating of Moderate Buy and an average target price of $73.13, according to data from MarketBeat.
GLOBALFOUNDRIES Institutional Trade
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in shares of GLOBALFOUNDRIES by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 81,148 shares of the company’s stock worth $5,066,000 after acquiring an additional 1,101 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of GLOBALFOUNDRIES by 12.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,307 shares of the company’s stock worth $706,000 after acquiring an additional 1,236 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of GLOBALFOUNDRIES by 16.4% in the first quarter. HighTower Advisors LLC now owns 4,455 shares of the company’s stock worth $277,000 after acquiring an additional 627 shares during the last quarter. Citigroup Inc. increased its position in shares of GLOBALFOUNDRIES by 32.9% during the first quarter. Citigroup Inc. now owns 5,608 shares of the company’s stock worth $350,000 after acquiring an additional 1,389 shares during the last quarter. Finally, Cibc World Market Inc. grew its position in shares of GLOBALFOUNDRIES by 131.8% during the first quarter. Cibc World Market Inc. now owns 15,986 shares of the company’s stock worth $998,000 after acquiring an additional 9,090 shares during the last quarter. Hedge funds and other institutional investors own 12.09% of the company’s shares.
GLOBALFOUNDRIES company profile
GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various widespread electronic devices. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units and microelectromechanical systems, as well as providing services and technologies of manufacturing conventional wafers.
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