Short Interest in Flex Ltd. (NASDAQ:FLEX) Drops By 30.7%

Flex Ltd. (NASDAQ:FLEX - Get Free Report) was the recipient of a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 5,870,000 shares, a decline of 30.7% from the April 30th total of 8,470,000 shares. Based on an average trading volume of 4,210,000 shares, the short-interest ratio is currently 1.4 days. Approximately 1.5% of the shares of the company are sold short.

Analyst Ratings Changes

A number of research firms recently weighed in on FLEX. JPMorgan Chase & Co. lowered their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target on the stock. The Goldman Sachs Group reduced their target price on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. KeyCorp upped their target price on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Flex has an average rating of "Buy" and a consensus target price of $45.33.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 120,280 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total value of $4,581,465.20. Following the transaction, the chief executive officer now owns 1,112,193 shares in the company, valued at $42,363,431.37. The trade was a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 489,255 shares of company stock worth $19,589,788 in the last quarter. Company insiders own 0.82% of the company's stock.

Institutional Trading of Flex

A number of institutional investors and hedge funds have recently made changes to their positions in FLEX. Barclays PLC increased its holdings in shares of Flex by 42.6% during the 3rd quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after buying an additional 231,572 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after purchasing an additional 296,505 shares in the last quarter. Brighton Jones LLC acquired a new stake in Flex in the 4th quarter valued at $260,000. Fifth Third Bancorp increased its holdings in Flex by 305.6% in the 4th quarter. Fifth Third Bancorp now owns 2,231 shares of the technology company's stock valued at $86,000 after purchasing an additional 1,681 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Flex by 71.1% in the 4th quarter. Blue Trust Inc. now owns 7,033 shares of the technology company's stock valued at $270,000 after purchasing an additional 2,923 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Trading Up 1.5%

Shares of Flex stock traded up $0.65 during trading hours on Tuesday, reaching $43.03. 1,103,966 shares of the company's stock were exchanged, compared to its average volume of 3,898,275. Flex has a 52-week low of $25.11 and a 52-week high of $45.10. The firm has a market capitalization of $16.06 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company has a fifty day moving average of $35.69 and a 200-day moving average of $38.05. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. Sell-side analysts forecast that Flex will post 2.33 EPS for the current fiscal year.

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.