Flex Ltd. (NASDAQ:FLEX) Short Interest Update

Flex Ltd. (NASDAQ:FLEX) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 11,140,000 shares, an increase of 18.5% from the March 15th total of 9,400,000 shares. Based on an average daily volume of 3,970,000 shares, the short-interest ratio is presently 2.8 days. Approximately 2.9% of the company’s shares are sold short.

Flex Trading Up 3.1 %

NASDAQ FLEX traded up $0.96 during trading hours on Tuesday, hitting $31.49. The company’s stock had a trading volume of 587,600 shares, compared to its average volume of 3,833,965. Flex has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $12.06 billion, a P/E ratio of 12.70, a PEG ratio of 2.43 and a beta of 0.99. The stock has a fifty day moving average of $34.75 and a 200 day moving average of $37.39.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Equities research analysts forecast that Flex will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FLEX shares. JPMorgan Chase & Co. reduced their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. KeyCorp dropped their price objective on shares of Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $43.67.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently made changes to their positions in the stock. Evergreen Capital Management LLC raised its stake in shares of Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after purchasing an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after purchasing an additional 266 shares in the last quarter. Sage Rhino Capital LLC grew its position in Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock worth $1,358,000 after purchasing an additional 374 shares in the last quarter. Arizona State Retirement System increased its stake in Flex by 0.4% in the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after buying an additional 403 shares during the last quarter. Finally, Park Avenue Securities LLC grew its holdings in shares of Flex by 1.8% in the first quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company’s stock valued at $824,000 after acquiring an additional 432 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

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.