Flex Ltd. (NASDAQ:FLEX) Sees Significant Increase in Short Interest

Flex Ltd. (NASDAQ:FLEX) was the recipient of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 18,510,000 shares, a growth of 88.1% from the November 15th total of 9,840,000 shares. Based on an average daily volume of 4,740,000 shares, the short-interest ratio is currently 3.9 days. Approximately 4.8% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FLEX shares. Stifel Nicolaus lifted their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays increased their price target on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. KeyCorp initiated coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. Craig Hallum raised their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $42.67.

Flex Stock Up 0.6 %

Flex stock traded up $0.21 during mid-day trading on Friday, reaching $38.38. The stock had a trading volume of 2,183,676 shares, compared to its average volume of 4,345,582. The company has a market capitalization of $14.88 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 2.43 and a beta of 1.10. The company has a 50-day moving average price of $37.07 and a two-hundred day moving average price of $33.18. Flex has a one year low of $21.84 and a one year high of $42.47. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85.

Insider Buying and Selling

In related news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flex

Several institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its holdings in shares of Flex by 1.3% in the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after purchasing an additional 344,773 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Flex by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after buying an additional 127,688 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Flex by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Finally, State Street Corp lifted its position in Flex by 19.7% during the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after acquiring an additional 603,208 shares during the period. Institutional investors own 94.30% of the company’s stock.

About Flex

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.