Flex (NASDAQ:FLEX) Hits New 1-Year Low - What's Next?

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $33.35 and last traded at $34.34, with a volume of 4288243 shares. The stock had previously closed at $34.88.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. 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. KeyCorp dropped their target price on Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays upped their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $43.67.

Flex Price Performance

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 stock has a market cap of $14.08 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.43 and a beta of 0.96. The firm has a 50 day moving average price of $33.52 and a 200 day moving average price of $37.38.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,900 shares of company stock worth $8,179,677 in the last three months. Company insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On Flex

Hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its stake in Flex by 42.6% in the 3rd quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after purchasing an additional 231,572 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Flex in the third quarter worth about $75,000. JPMorgan Chase & Co. boosted its stake in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after buying an additional 296,505 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Flex by 4.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 48,895 shares of the technology company's stock valued at $1,877,000 after buying an additional 1,945 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Flex in the 4th quarter worth approximately $321,000. Hedge funds and other 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.