GLOBALFOUNDRIES Inc. (NASDAQ: GFS) stock jumped 0.29% on Monday to $58.25 against a previous-day closing price of $58.08. With 0.83 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.53 million shares. During the session, the Semiconductors company that operates in wider Technology sector, reached to the highest price of $58.81 whereas the lowest price it dropped to was $57.87. The 52-week range on GFS shows that it touched its highest point at $72.50 and its lowest point at $46.52 during that stretch. It currently has a 1-year price target of $71.64. Beta for the stock currently stands at 1.87.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of GFS was down-trending over the past week, with a drop of -1.29%, but this was up by 6.59% over a month. Three-month performance dropped to -6.74% while six-month performance fell -12.35%. The stock lost -0.41% in the past year, while it has gained 8.09% so far this year. A look at the trailing 12-month EPS for GFS yields 2.67 with Next year EPS estimates of 2.69. For the next quarter, that number is 0.49. This implies an EPS growth rate of 630.00% for this year and 29.51% for next year.
Float and Shares Shorts:
At present, 552.67 million GFS shares are outstanding with a float of 552.67 million shares on hand for trading. On Aug 30, 2023, short shares totaled 11.68 million, which was 2.11% higher than short shares on Jul 30, 2023. In addition to Dr. Thomas H. Caulfield DES, Ph.D. as the firm’s Pres, CEO & Director, Mr. David W. Reeder serves as its Chief Financial Officer.
Through their ownership of 102.39% of GFS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 4.17% of GFS, in contrast to 11.20% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in GFS with 5.17% of the stake, Fidelity Management & Research Co holds 28,339,414 shares worth 28,339,414. A second-largest stockholder of GFS, Matrix Capital Management Co. LP, holds 17,048,000 shares, controlling over 3.11% of the firm’s shares. ArrowMark Colorado Holdings LLC is the third largest shareholder in GFS, holding 1,801,712 shares or 0.33% stake. With a 1.71% stake in GFS, the Fidelity Select Port. – Semicondu is the largest stakeholder. A total of 9,377,468 shares are owned by the mutual fund manager. The Invesco QQQ Trust, which owns about 1.69% of GFS stock, is the second-largest Mutual Fund holder. It holds 9,226,947 shares valued at 509.79 million. Fidelity Blue Chip Growth Fund holds 0.89% of the stake in GFS, owning 4,885,337 shares worth 269.91 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, GFS reported revenue of $1.99B and operating income of $297.00M. The EBITDA in the recently reported quarter was $724.00M and diluted EPS was $0.48.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GFS since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With GFS analysts setting a high price target of $100.00 and a low target of $64.00, the average target price over the next 12 months is $74.22. Based on these targets, GFS could surge 71.67% to reach the target high and rise by 9.87% to reach the target low. Reaching the average price target will result in a growth of 27.42% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.