Quantbot Technologies LP Reduces Position in Flex Ltd. (NASDAQ:FLEX)

Quantbot Technologies LP cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 63.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,859 shares of the technology company’s stock after selling 93,136 shares during the period. Quantbot Technologies LP’s holdings in Flex were worth $1,801,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new stake in Flex during the 3rd quarter worth approximately $29,000. Huntington National Bank raised its position in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in shares of Flex during the 3rd quarter valued at $39,000. Quarry LP bought a new position in Flex in the 2nd quarter worth $43,000. Finally, American Capital Advisory LLC purchased a new stake in Flex in the 2nd quarter worth $46,000. Institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $38.97 on Friday. The firm has a fifty day simple moving average of $35.93 and a two-hundred day simple moving average of $32.63. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $42.47. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $15.11 billion, a P/E ratio of 17.24, a PEG ratio of 2.47 and a beta of 1.08.

Insider Buying and Selling

In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Craig Hallum lifted their price objective on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. KeyCorp initiated coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Barclays increased their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $40.83.

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.