GLOBALFOUNDRIES (GFS) Set to Announce Quarterly Earnings on Tuesday

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) is scheduled to post its quarterly earnings results after the market closes on Tuesday, May 10th. Analysts expect GLOBALFOUNDRIES to post earnings of $0.15 per share for the quarter. GLOBALFOUNDRIES has set its Q1 2022 guidance at $0.210-$0.270 EPS and its Q1 guidance at $0.21-$0.27 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) last issued its earnings results on Tuesday, February 8th. The company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.04. The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.81 billion. The firm’s revenue was up 74.2% compared to the same quarter last year. On average, analysts expect GLOBALFOUNDRIES to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Shares of NASDAQ:GFS opened at $53.77 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.32 and a current ratio of 1.67. The stock’s 50 day moving average is $60.20. GLOBALFOUNDRIES has a one year low of $43.59 and a one year high of $79.49.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System purchased a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth $1,864,000. Public Employees Retirement System of Ohio purchased a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth $1,831,000. Invesco Ltd. purchased a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth $1,657,000. Cubist Systematic Strategies LLC purchased a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth $1,172,000. Finally, Stifel Financial Corp purchased a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth $1,094,000. 12.09% of the stock is owned by institutional investors and hedge funds.

A number of research firms have recently issued reports on GFS. Zacks Investment Research upgraded shares of GLOBALFOUNDRIES from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Friday, February 11th. Morgan Stanley upgraded shares of GLOBALFOUNDRIES from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $72.50 in a research note on Thursday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GLOBALFOUNDRIES from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, April 20th. One analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of “Buy” and a consensus target price of $79.56.

About GLOBALFOUNDRIES (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. 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 offers mainstream wafer fabrication services and technologies.

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