Short Interest in Flextronics International Rises By 27.7% (FLEX)
Shares of Flextronics International (NASDAQ:FLEX) were the target of a significant growth in short interest in the month of June. As of June 13th, there was short interest totalling 8,345,138 shares, a growth of 27.7% from the May 30th total of 6,534,037 shares, American Banking and Market News reports. Based on an average daily volume of 6,128,937 shares, the days-to-cover ratio is currently 1.4 days. Approximately 1.4% of the company’s stock are short sold.
In other Flextronics International news, CFO Christopher Collier sold 10,863 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $11.14, for a total transaction of $121,013.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on FLEX. Analysts at RBC Capital raised their price target on shares of Flextronics International from $11.00 to $12.00 in a research note on Friday, June 6th. They now have an “outperform” rating on the stock. Separately, analysts at Needham & Company LLC upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. They now have a $12.00 price target on the stock. Finally, analysts at Stifel Nicolaus downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Flextronics International presently has a consensus rating of “Hold” and a consensus price target of $10.53.
Shares of Flextronics International (NASDAQ:FLEX) opened at 11.20 on Monday. Flextronics International has a one year low of $7.01 and a one year high of $11.46. The stock’s 50-day moving average is $10.50 and its 200-day moving average is $9.08. The company has a market cap of $6.557 billion and a price-to-earnings ratio of 18.83.
Flextronics International (NASDAQ:FLEX) last announced its earnings results on Wednesday, April 30th. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.04. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, analysts predict that Flextronics International will post $1.02 earnings per share for the current fiscal year.
Flextronics International Ltd. (NASDAQ:FLEX) is a global provider of global supply chain solutions, through which the Company designs, build, ship and services a packaged electronic product to original equipment manufacturers (OEMs) in the markets, which include High Reliability Solutions (HRS), which is consists of its medical, automotive, defense and aerospace businesses; High Velocity Solutions (HVS), which includes its mobile devices business, including smart phones, and consumer electronics, including game consoles, high-volume computing business, including notebook personal computing (PC), tablets and printers; Industrial and Emerging Industries (IEI), which is consists of its household appliances, equipment, and industries businesses, and Integrated Network Solutions (INS), which includes its telecommunications infrastructure, data networking, connected home, and server and storage businesses.
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