On November 9, 2022, we detected dark pool trading in GlobalFoundries $GFS stock. The $6.3 million dark pool order occurred on November 7, 2022. We think the dark pool trade was a buy order because $GFS stock rose after the trade hit the tape.
GlobalFoundries Reports Third Quarter 2022 Financial Results
On November 8, 2022, GlobalFoundries announced preliminary financial results for the third quarter ended September 30, 2022. GlobalFoundries reported Q3 adjusted EPS of 67c vrsus the consensus estimate of 62c. The company reported Q3 revenue of $2.1B versus the consensus estimate of $2.05B.
“In the third quarter, the GF team continued to execute on its commitments to customers and shareholders despite ongoing macroeconomic and geopolitical challenges,” said CEO Dr. Thomas Caulfield. “300mm-equivalent wafer shipments of 637 thousand was a record for GF, an increase of 5% year-over-year. Our revenue grew 22% year-over-year, and we delivered record gross, operating, and net profits, making significant progress towards our long-term financial model. We remain on track to deliver a strong year of growth and profitability.”
GlobalFoundries price target raised at BofA
On November 9, 2022, analyst Vivek Arya raised GlobalFoundries price target to $80 from $75 and kept a Buy rating on the stock after strong Q3 results and mostly in-line Q4 guidance. Arya thinks that the CHIPS Act benefits are likely to show up late in 2023 or 2024 and that a higher multiple of peers is justified because of their unique pure-foundry model without a China or Taiwan footprint.
GlobalFoundries price target raised at Deutsche Bank
On November 9, 2022, Ross Seymore, a Deutsche Bank analyst, raised the price target on GlobalFoundries to $67 from $60 and kept a Buy rating on the stock. The company had a good Q3 report and Q4 guide, but investors are focused on macro headwinds getting stronger as we head into 2023. A lot of fabless semiconductor companies have recently lowered their forward guidance, Seymore says in a research note.
GlobalFoundries $GFS Stock Technical Analysis
$GFS stock is in a technical strong uptrend. The stock has recently done a bullish Symmetrical Triangle breakout.