Flex Ltd (NASDAQ:FLEX) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 12,387,726 shares, an increase of 74.7% from the October 15th total of 7,089,075 shares. Approximately 2.3% of the company’s stock are sold short. Based on an average trading volume of 14,901,432 shares, the days-to-cover ratio is presently 0.8 days.
FLEX has been the subject of several analyst reports. Argus lowered shares of Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Zacks Investment Research raised shares of Flex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. ValuEngine lowered shares of Flex from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 27th. BidaskClub lowered shares of Flex from a “sell” rating to a “strong sell” rating in a research report on Friday, August 31st. Finally, Macquarie set a $9.00 price target on shares of Flex and gave the company a “hold” rating in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.94.
FLEX stock opened at $8.22 on Friday. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.00 and a beta of 1.52. Flex has a one year low of $6.74 and a one year high of $19.71. The company has a quick ratio of 0.73, a current ratio of 1.23 and a debt-to-equity ratio of 1.07.
Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $6.71 billion during the quarter, compared to analyst estimates of $6.81 billion. Flex had a net margin of 1.15% and a return on equity of 9.83%. Analysts predict that Flex will post 0.82 earnings per share for the current year.
Flex declared that its board has initiated a stock buyback plan on Tuesday, August 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 6.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Flex news, EVP David Scott Offer acquired 27,027 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was bought at an average cost of $7.48 per share, with a total value of $202,161.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC increased its holdings in shares of Flex by 1.0% during the third quarter. Janus Henderson Group PLC now owns 45,189,956 shares of the technology company’s stock valued at $592,911,000 after acquiring an additional 432,676 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Flex by 6.2% during the second quarter. Victory Capital Management Inc. now owns 13,328,332 shares of the technology company’s stock valued at $188,062,000 after acquiring an additional 774,875 shares in the last quarter. Sound Shore Management Inc. CT increased its holdings in shares of Flex by 7.4% during the second quarter. Sound Shore Management Inc. CT now owns 10,696,781 shares of the technology company’s stock valued at $150,932,000 after acquiring an additional 732,919 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Flex by 33.9% during the third quarter. Wells Fargo & Company MN now owns 7,551,662 shares of the technology company’s stock valued at $99,079,000 after acquiring an additional 1,910,341 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Flex by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,660,335 shares of the technology company’s stock valued at $93,971,000 after acquiring an additional 100,955 shares in the last quarter. Hedge funds and other institutional investors own 91.89% of the company’s stock.
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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