Wedbush Has Weak Outlook for GlobalFoundries FY2024 Earnings

GlobalFoundries Inc. (NASDAQ:GFS) – Wedbush lowered their FY2024 EPS estimates for shares of GlobalFoundries in a research note issued on Tuesday, January 14th. Wedbush analyst M. Bryson now expects that the company will earn $0.91 per share for the year, down from their prior estimate of $1.25. Wedbush has a “Outperform” rating and a $60.00 price objective on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.22 per share. Wedbush also issued estimates for GlobalFoundries’ Q4 2024 earnings at $0.30 EPS and FY2025 earnings at $1.19 EPS.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion during 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 business’s revenue was down 6.1% compared to the same quarter last year.

GFS has been the topic of several other research reports. Evercore ISI lowered their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Citigroup decreased their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. UBS Group began coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.21.

GlobalFoundries Stock Up 5.3 %

Shares of NASDAQ:GFS opened at $43.10 on Thursday. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $61.98. The stock has a market cap of $23.78 billion, a P/E ratio of 32.16, a PEG ratio of 8.70 and a beta of 1.57. The business has a fifty day moving average of $43.08 and a two-hundred day moving average of $43.99. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

Institutional Trading of GlobalFoundries

Institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP boosted its stake in shares of GlobalFoundries by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares during the period. FMR LLC boosted its position in GlobalFoundries by 2.4% in the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company’s stock valued at $1,987,360,000 after buying an additional 1,160,403 shares during the period. Renaissance Technologies LLC grew its stake in shares of GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after acquiring an additional 257,749 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of GlobalFoundries during the third quarter worth $8,361,000. Finally, Ghisallo Capital Management LLC raised its stake in shares of GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after acquiring an additional 200,000 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.