Log Out

Short Interest in Flex Ltd. (NASDAQ:FLEX) Grows By 9.2%

kopsource · Sep 21, 2022 12:41

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.

Get Flex alerts:

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

(Get Rating)

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.