Flex Ltd. (NASDAQ:FLEX) Short Interest Update

Flex Ltd. (NASDAQ:FLEX) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 7,030,000 shares, an increase of 9.7% from the August 31st total of 6,410,000 shares. Based on an average daily trading volume, of 3,710,000 shares, the short-interest ratio is currently 1.9 days. Approximately 1.8% of the shares of the company are sold short.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 in the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FLEX. Richardson Financial Services Inc. acquired a new position in shares of Flex during the 4th quarter valued at about $34,000. Quarry LP acquired a new position in shares of Flex during the 2nd quarter valued at about $43,000. American Capital Advisory LLC acquired a new position in shares of Flex during the 2nd quarter valued at about $46,000. J.Safra Asset Management Corp increased its position in Flex by 623.6% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock worth $87,000 after purchasing an additional 2,538 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Flex by 37.4% during the 2nd quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock worth $123,000 after purchasing an additional 1,170 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research analyst reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Stifel Nicolaus boosted their price objective on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Barclays boosted their price objective on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $39.00 in a research report on Thursday, July 25th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $38.40.

Flex Price Performance

FLEX stock traded down $0.71 during trading on Tuesday, hitting $32.72. The stock had a trading volume of 2,557,063 shares, compared to its average volume of 4,362,999. The company’s 50 day moving average price is $31.03 and its two-hundred day moving average price is $30.21. Flex has a 1-year low of $21.84 and a 1-year high of $34.42. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The firm had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $5.89 billion. On average, sell-side analysts forecast that Flex will post 2.06 EPS for the current fiscal year.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.