Flex Ltd. (NASDAQ:FLEX - Get Free Report) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 9,210,000 shares, a drop of 17.3% from the March 31st total of 11,140,000 shares. Approximately 2.4% of the company's stock are short sold. Based on an average daily volume of 4,040,000 shares, the days-to-cover ratio is currently 2.3 days.
Insider Activity
In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction on 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 sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. The trade was a 55.09 % 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 over the last 90 days. 0.82% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC grew its holdings in Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after purchasing an additional 266 shares during the period. Dynasty Wealth Management LLC boosted its holdings in Flex by 0.7% in the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock valued at $1,232,000 after acquiring an additional 276 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Flex by 30.8% in the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company's stock valued at $43,000 after buying an additional 306 shares during the period. Finally, Stephens Inc. AR boosted its position in Flex by 2.7% during the 1st quarter. Stephens Inc. AR now owns 12,634 shares of the technology company's stock worth $418,000 after purchasing an additional 332 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
FLEX has been the topic of several recent research reports. The Goldman Sachs Group decreased their price objective on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective on the stock. Finally, KeyCorp lowered their price target on Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex presently has a consensus rating of "Buy" and an average target price of $43.67.
Get Our Latest Research Report on FLEX
Flex Stock Performance
Shares of FLEX stock traded up $0.84 during midday trading on Wednesday, hitting $37.61. The company had a trading volume of 4,918,677 shares, compared to its average volume of 3,907,200. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The stock has a market cap of $14.41 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 2.43 and a beta of 0.96. The company's 50 day simple moving average is $33.43 and its 200 day simple moving average is $37.40. Flex has a 52-week low of $25.11 and a 52-week high of $45.10.
About Flex
(
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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.
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