Walleye Capital LLC Buys Shares of 10,740 Plexus Corp. $PLXS

Key Points

• Walleye Capital LLC initiated a new position in Plexus Corp., buying 10,740 shares worth about $2.18 million in the first quarter.
• Plexus reported strong quarterly results, with EPS of $2.05 topping estimates and revenue of $1.16 billion also beating expectations; revenue rose 18.7% year over year.
• Despite some insider selling and a mixed analyst picture, Wall Street remains cautiously bullish overall, with a consensus rating of Moderate Buy and an average price target of $246.67.

Walleye Capital LLC purchased a new stake in Plexus Corp. (NASDAQ:PLXS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,740 shares of the technology company's stock, valued at approximately $2,175,000.

A number of other hedge funds have also modified their holdings of PLXS. Victory Capital Management Inc. raised its holdings in Plexus by 130.0% in the 4th quarter. Victory Capital Management Inc. now owns 349,057 shares of the technology company's stock valued at $51,311,000 after buying an additional 197,283 shares during the period. Emerald Advisers LLC acquired a new position in Plexus in the first quarter valued at about $33,729,000. MetLife Investment Management LLC lifted its position in Plexus by 713.3% in the fourth quarter. MetLife Investment Management LLC now owns 126,971 shares of the technology company's stock valued at $18,665,000 after buying an additional 111,360 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in Plexus during the first quarter worth about $20,715,000. Finally, Balyasny Asset Management L.P. purchased a new position in Plexus during the third quarter worth about $12,509,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Plexus Stock Up 0.9%

Shares of NASDAQ:PLXS opened at $261.71 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.54 and a quick ratio of 0.74. The firm has a market capitalization of $7.00 billion, a PE ratio of 38.26 and a beta of 0.88. The firm's 50-day moving average is $274.48 and its two-hundred day moving average is $230.44. Plexus Corp. has a 1 year low of $115.35 and a 1 year high of $307.06.

Plexus (NASDAQ:PLXS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.87 by $0.18. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. Plexus had a net margin of 4.35% and a return on equity of 12.84%. The business's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.66 earnings per share. Plexus has set its Q3 2026 guidance at 2.020-2.180 EPS. Analysts predict that Plexus Corp. will post 5.98 EPS for the current year.

Insider Buying and Selling at Plexus

In other Plexus news, EVP Angelo Michael Ninivaggi, Jr. sold 3,270 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $264.75, for a total value of $865,732.50. Following the completion of the transaction, the executive vice president owned 16,266 shares of the company's stock, valued at $4,306,423.50. This trade represents a 16.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd P. Kelsey sold 1,500 shares of the business's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $294.98, for a total transaction of $442,470.00. Following the completion of the transaction, the chief executive officer owned 68,888 shares of the company's stock, valued at approximately $20,320,582.24. This trade represents a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 20,481 shares of company stock valued at $5,519,183 in the last quarter. Corporate insiders own 1.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PLXS. Zacks Research raised shares of Plexus from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Needham & Company LLC increased their price objective on shares of Plexus from $285.00 to $310.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Weiss Ratings upgraded shares of Plexus from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, July 6th. Raymond James Financial reissued an "outperform" rating and issued a $275.00 target price on shares of Plexus in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded Plexus from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $246.67.

About Plexus

Plexus Corp. NASDAQ: PLXS is a global provider of electronics manufacturing services (EMS) and precision engineered electronics solutions. Headquartered in Neenah, Wisconsin, the company partners with original equipment manufacturers across industries such as medical, industrial, aerospace and defense, computing, and communications. Plexus offers a full suite of services that span new product introduction, product lifecycle management, supply chain management, printed circuit board assembly, system integration, and aftermarket support.

Founded in 1979, Plexus has grown from a regional electronics assembler into a multinational organization with manufacturing and engineering centers across North America, Europe, and Asia.

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