Flex Ltd. (NASDAQ:FLEX) Short Interest Update

Flex Ltd. (NASDAQ:FLEX) saw a large growth in short interest in 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. Currently, 1.8% of the shares of the company are sold short. Based on an average daily trading volume, of 3,710,000 shares, the days-to-cover ratio is presently 1.9 days.

Flex Price Performance

NASDAQ FLEX traded down $0.71 on Tuesday, reaching $32.72. 2,557,063 shares of the company’s stock traded hands, compared to its average volume of 4,362,999. The stock has a market cap of $13.05 billion, a PE ratio of 14.53, a P/E/G ratio of 1.92 and a beta of 1.09. Flex has a 12 month low of $21.84 and a 12 month high of $34.42. The stock has a 50-day simple moving average of $31.03 and a 200 day simple moving average of $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.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.34 by $0.09. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. As a group, research analysts predict that Flex will post 2.06 earnings per share for the current year.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at $5,377,327.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at $5,377,327.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,028 shares of company stock worth $904,530. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several institutional investors have recently bought and sold shares of the stock. Boston Partners boosted its stake in shares of Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the period. Merewether Investment Management LP purchased a new stake in Flex during the 2nd quarter valued at $72,808,000. Westfield Capital Management Co. LP bought a new stake in Flex in the 1st quarter worth $51,543,000. Point72 Asset Management L.P. increased its position in shares of Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares during the period. Finally, Troluce Capital Advisors LLC raised its stake in shares of 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 last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FLEX shares. Barclays lifted their price objective on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. upped 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 lifted their target price 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. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and raised their price objective for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Flex currently has an average rating of “Buy” and an average target price of $38.40.

About Flex

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.