Flex Ltd (NASDAQ:FLEX) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 16,136,738 shares, a decrease of 14.2% from the January 15th total of 18,811,870 shares. Based on an average daily volume of 8,205,805 shares, the days-to-cover ratio is currently 2.0 days. Approximately 3.1% of the company’s shares are short sold.
Shares of Flex stock opened at $10.09 on Tuesday. Flex has a 1 year low of $6.74 and a 1 year high of $19.09. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.24 and a beta of 1.79. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.94.
Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 30th. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.04. Flex had a return on equity of 4.47% and a net margin of 0.52%. The company had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.77 billion. During the same period in the prior year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts predict that Flex will post 0.66 EPS for the current fiscal year.
In related news, Director Marc A. Onetto acquired 11,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The stock was acquired at an average price of $8.49 per share, for a total transaction of $97,635.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.88% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Flex by 119.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 3,825 shares of the technology company’s stock worth $29,000 after buying an additional 2,084 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in shares of Flex by 83.3% during the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 11,000 shares of the technology company’s stock worth $84,000 after buying an additional 5,000 shares during the period. Wetherby Asset Management Inc. acquired a new position in shares of Flex during the fourth quarter worth about $90,000. Fox Run Management L.L.C. acquired a new position in shares of Flex during the fourth quarter worth about $98,000. Finally, TD Asset Management Inc. acquired a new position in shares of Flex during the fourth quarter worth about $123,000. 94.01% of the stock is owned by institutional investors.
FLEX has been the subject of several recent analyst reports. JPMorgan Chase & Co. downgraded Flex from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $14.00 to $12.00 in a report on Wednesday, January 2nd. Needham & Company LLC downgraded Flex from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Goldman Sachs Group downgraded Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Argus downgraded Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Finally, ValuEngine downgraded Flex from a “sell” rating to a “strong sell” rating in a report on Saturday, October 27th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.17.
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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