Flex Ltd. (NASDAQ:FLEX) Sees Large Increase in Short Interest

Flex Ltd. (NASDAQ:FLEXGet Rating) was the target of a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 7,590,000 shares, a growth of 20.1% from the April 15th total of 6,320,000 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily volume of 4,190,000 shares, the days-to-cover ratio is presently 1.8 days.

NASDAQ FLEX traded down $0.47 on Wednesday, hitting $16.33. 230,224 shares of the company were exchanged, compared to its average volume of 3,920,718. The company’s 50 day moving average price is $16.93 and its 200-day moving average price is $17.20. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.37 and a quick ratio of 0.75. The firm has a market capitalization of $7.58 billion, a P/E ratio of 8.65, a price-to-earnings-growth ratio of 0.60 and a beta of 1.50. Flex has a twelve month low of $14.88 and a twelve month high of $19.50.

Flex (NASDAQ:FLEXGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $6.85 billion for the quarter, compared to the consensus estimate of $6.45 billion. Flex had a return on equity of 26.33% and a net margin of 3.60%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 EPS. As a group, equities analysts expect that Flex will post 1.83 EPS for the current year.

Several equities research analysts have commented on the stock. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. Zacks Investment Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a research report on Friday, April 1st. Craig Hallum dropped their price target on shares of Flex from $31.00 to $25.00 in a research report on Thursday, January 27th. Finally, Argus upgraded shares of Flex from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Wednesday.

A number of hedge funds and other institutional investors have recently bought and sold shares of FLEX. Counterpoint Mutual Funds LLC acquired a new stake in Flex during the 4th quarter worth about $28,000. Paragon Capital Management Ltd purchased a new position in Flex during the 4th quarter valued at about $38,000. Covestor Ltd purchased a new position in Flex during the 4th quarter valued at about $41,000. Capital Advisors Ltd. LLC purchased a new position in Flex during the 4th quarter valued at about $51,000. Finally, UMB Bank N A MO purchased a new position in Flex during the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 95.95% of the company’s stock.

About Flex (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 two segments, Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The company provides a portfolio of technologies in electrical/electronics, electromechanical, and software; and cross-industry technologies, including human machine interface, audio and video, system in package, miniaturization, IoT platforms, and power management.

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