Flex Ltd. (NASDAQ:FLEX – Get Rating) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 10,580,000 shares, a growth of 9.2% from the August 15th total of 9,690,000 shares. Based on an average daily trading volume, of 4,000,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.3% of the company's stock are short sold.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on FLEX shares. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a report on Saturday, August 6th. Credit Suisse Group started coverage on shares of Flex in a report on Tuesday, August 16th. They issued an "outperform" rating and a $24.00 price target on the stock. Finally, The Goldman Sachs Group lowered their price target on shares of Flex from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, June 1st.
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Flex Stock Performance
Shares of NASDAQ:FLEX traded up $0.27 on Wednesday, reaching $18.33. 50,358 shares of the company's stock were exchanged, compared to its average volume of 3,672,255. The company has a fifty day moving average of $17.32 and a 200-day moving average of $16.67. Flex has a twelve month low of $13.63 and a twelve month high of $19.63. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 9.36, a PEG ratio of 0.79 and a beta of 1.49. The company has a current ratio of 1.31, a quick ratio of 0.68 and a debt-to-equity ratio of 0.76.
Insiders Place Their Bets
In other Flex news, EVP David Scott Offer sold 120,000 shares of the business's stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $19.19, for a total transaction of $2,302,800.00. Following the sale, the executive vice president now directly owns 262,164 shares of the company's stock, valued at approximately $5,030,927.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at
this link. In other news, EVP David Scott Offer sold 120,000 shares of the company's stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $19.19, for a total value of $2,302,800.00. Following the sale, the executive vice president now directly owns 262,164 shares of the company's stock, valued at approximately $5,030,927.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through
the SEC website. Also, CFO Paul Lundstrom sold 56,868 shares of the company's stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $17.64, for a total transaction of $1,003,151.52. Following the completion of the sale, the chief financial officer now directly owns 326,798 shares in the company, valued at $5,764,716.72. The disclosure for this sale can be found
here. Insiders own 0.54% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in FLEX. Covestor Ltd acquired a new stake in shares of Flex during the 4th quarter worth approximately $41,000. O Shaughnessy Asset Management LLC boosted its position in shares of Flex by 65.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 73,131 shares of the technology company's stock worth $1,340,000 after acquiring an additional 28,903 shares in the last quarter. Gabelli Funds LLC boosted its position in Flex by 0.7% in the fourth quarter. Gabelli Funds LLC now owns 314,628 shares of the technology company's stock valued at $5,767,000 after buying an additional 2,220 shares in the last quarter. Invesco Ltd. boosted its position in Flex by 200.3% in the fourth quarter. Invesco Ltd. now owns 4,810,396 shares of the technology company's stock valued at $88,175,000 after buying an additional 3,208,637 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in Flex by 44.2% in the fourth quarter. Schroder Investment Management Group now owns 318,072 shares of the technology company's stock valued at $5,830,000 after buying an additional 97,567 shares in the last quarter. Institutional investors and hedge funds own 95.01% of the company's stock.
Flex Company Profile
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio.
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