Flex Ltd. (NASDAQ:FLEX) Short Interest Up 9.7% in September

Flex Ltd. (NASDAQ:FLEX) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 7,030,000 shares, an increase of 9.7% from the August 31st total of 6,410,000 shares. Based on an average daily volume of 3,710,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.8% of the company’s stock are short sold.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the sale, the executive vice president now directly owns 158,094 shares in the company, valued at $5,209,197.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at $5,209,197.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,028 shares of company stock worth $904,530. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Flex

Several institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new stake in shares of Flex during the second quarter worth about $2,122,000. Truist Financial Corp lifted its position in shares of Flex by 10.3% in the 2nd quarter. Truist Financial Corp now owns 77,648 shares of the technology company’s stock worth $2,290,000 after purchasing an additional 7,236 shares during the period. Point72 Asset Management L.P. increased its position in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after buying an additional 792,700 shares during the period. Brandes Investment Partners LP raised its stake in Flex by 8.3% in the second quarter. Brandes Investment Partners LP now owns 2,055,170 shares of the technology company’s stock worth $60,592,000 after buying an additional 157,516 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Flex during the 2nd quarter worth approximately $43,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of Flex stock traded down $0.71 during trading on Tuesday, hitting $32.72. 2,557,063 shares of the stock traded hands, compared to its average volume of 4,362,999. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 1.92 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. Flex has a 52 week low of $21.84 and a 52 week high of $34.42. The firm’s fifty day moving average is $31.03 and its 200-day moving average is $30.21.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $5.89 billion. Research analysts expect that Flex will post 2.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Stifel Nicolaus upped their price target on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Barclays raised their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. boosted their price objective on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $38.40.

Flex Company Profile

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.