Flex Ltd. (NASDAQ:FLEX) Short Interest Update

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Boston Partners raised its stake in Flex by 113.8% during the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after acquiring an additional 10,201,162 shares during the period. Merewether Investment Management LP purchased a new position in shares of Flex during the 2nd quarter valued at $72,808,000. Westfield Capital Management Co. LP bought a new position in Flex in the 1st quarter worth $51,543,000. Point72 Asset Management L.P. increased its stake in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after buying an additional 792,700 shares in the last quarter. Finally, Troluce Capital Advisors LLC raised its holdings in Flex by 104.3% during the fourth quarter. Troluce Capital Advisors LLC now owns 1,125,000 shares of the technology company’s stock valued at $34,268,000 after acquiring an additional 574,308 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Performance

NASDAQ FLEX traded down $0.71 during trading hours on Tuesday, hitting $32.72. The company’s stock had a trading volume of 2,557,063 shares, compared to its average volume of 4,362,999. Flex has a 12 month low of $21.84 and a 12 month high of $34.42. The company’s 50 day simple moving average is $31.03 and its two-hundred day simple moving average is $30.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The company has a market cap of $13.05 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The company had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. As a group, sell-side analysts expect 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.