Flex Ltd. (NASDAQ:FLEX) Short Interest Update

Flex Ltd. (NASDAQ:FLEX) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 9,590,000 shares, a decrease of 18.0% from the October 15th total of 11,700,000 shares. Based on an average daily trading volume, of 3,350,000 shares, the short-interest ratio is currently 2.9 days. Currently, 2.5% of the company’s stock are short sold.

Insider Buying and Selling

In related news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 168,094 shares in the company, valued at approximately $5,377,327.06. This represents a 5.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,185 shares of company stock valued at $1,442,555 in the last ninety days. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. purchased a new stake in Flex during the third quarter valued at about $29,000. Huntington National Bank lifted its position in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in Flex in the 3rd quarter worth approximately $39,000. Quarry LP purchased a new position in Flex during the 2nd quarter worth approximately $43,000. Finally, American Capital Advisory LLC acquired a new stake in Flex during the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus upped their price objective on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Finally, Barclays upped their target price on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flex has a consensus rating of “Buy” and an average target price of $40.83.

Flex Trading Down 1.2 %

Flex stock opened at $37.20 on Friday. The firm’s 50 day moving average price is $34.12 and its two-hundred day moving average price is $31.89. The firm has a market cap of $14.43 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 2.41 and a beta of 1.08. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. Flex has a 1 year low of $21.84 and a 1 year high of $40.30.

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.