GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.240-0.340 for the period, compared to the consensus estimate of 0.280. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion.
GLOBALFOUNDRIES Price Performance
Shares of NASDAQ:GFS traded down $0.90 on Wednesday, reaching $52.36. 1,512,514 shares of the company were exchanged, compared to its average volume of 1,559,929. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.19. GLOBALFOUNDRIES has a 1-year low of $45.52 and a 1-year high of $68.57. The company has a 50-day moving average of $50.75 and a 200-day moving average of $53.85. The firm has a market cap of $28.98 billion, a price-to-earnings ratio of 28.46, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.
GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. Equities analysts forecast that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. Evercore ISI assumed coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an outperform rating and a $71.00 price objective on the stock. Susquehanna raised their price objective on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a research note on Wednesday. Morgan Stanley upped their target price on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an overweight rating in a research note on Wednesday. Citigroup downgraded GLOBALFOUNDRIES from a buy rating to a neutral rating and dropped their price target for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. Finally, Cantor Fitzgerald restated a neutral rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, GLOBALFOUNDRIES has an average rating of Moderate Buy and an average target price of $61.23.
Read Our Latest Stock Analysis on GFS
About GLOBALFOUNDRIES
(
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GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.
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