Flex Ltd. (NASDAQ:FLEX) Short Interest Up 11.4% in May

Flex Ltd. (NASDAQ:FLEXGet Free Report) was the target of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 8,320,000 shares, an increase of 11.4% from the April 30th total of 7,470,000 shares. Based on an average daily volume of 4,160,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.1% of the shares of the company are sold short.

Flex Price Performance

Shares of FLEX stock opened at $33.13 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.52 and a quick ratio of 0.79. The company has a market cap of $13.31 billion, a P/E ratio of 14.40, a PEG ratio of 2.22 and a beta of 1.18. The stock’s 50-day moving average is $29.28 and its 200 day moving average is $27.59. Flex has a 1-year low of $21.84 and a 1-year high of $34.12.

Flex (NASDAQ:FLEXGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.10 billion. Research analysts predict that Flex will post 2.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on FLEX. Barclays increased their price objective on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. The Goldman Sachs Group upped their price target on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Finally, Craig Hallum cut Flex from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Flex has an average rating of “Moderate Buy” and a consensus price target of $32.83.

View Our Latest Stock Report on Flex

Insider Buying and Selling at Flex

In other news, CEO Revathi Advaithi sold 161,052 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.65, for a total transaction of $4,614,139.80. Following the sale, the chief executive officer now directly owns 1,903,404 shares in the company, valued at $54,532,524.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total transaction of $418,261.35. Following the completion of the sale, the insider now owns 163,656 shares of the company’s stock, valued at $4,688,744.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 161,052 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $4,614,139.80. Following the sale, the chief executive officer now directly owns 1,903,404 shares of the company’s stock, valued at approximately $54,532,524.60. The disclosure for this sale can be found here. Insiders have sold a total of 385,648 shares of company stock valued at $11,529,943 over the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. acquired a new position in Flex in the 3rd quarter valued at $225,000. Barclays PLC increased its holdings in Flex by 12.0% in the third quarter. Barclays PLC now owns 502,557 shares of the technology company’s stock valued at $13,559,000 after buying an additional 53,776 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Flex during the 3rd quarter worth about $458,000. Oppenheimer Asset Management Inc. raised its holdings in Flex by 2.5% during the third quarter. Oppenheimer Asset Management Inc. now owns 168,085 shares of the technology company’s stock worth $4,535,000 after purchasing an additional 4,143 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Flex by 3.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 13,657 shares of the technology company’s stock valued at $368,000 after purchasing an additional 497 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

About Flex

(Get Free Report)

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.

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