Flex Ltd. (NASDAQ:FLEX - Get Free Report) was the recipient of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 10,620,000 shares, a decrease of 26.0% from the January 15th total of 14,350,000 shares. Based on an average trading volume of 4,550,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.8% of the shares of the company are sold short.
In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.
A number of hedge funds have recently bought and sold shares of FLEX. Harbor Capital Advisors Inc. acquired a new stake in Flex in the third quarter worth $29,000. Huntington National Bank grew its holdings in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock worth $34,000 after purchasing an additional 479 shares during the period. R Squared Ltd acquired a new stake in Flex in the fourth quarter worth $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Flex during the fourth quarter valued at about $38,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after buying an additional 509 shares during the last quarter. Institutional investors own 94.30% of the company's stock.
A number of analysts have weighed in on FLEX shares. KeyCorp started coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price on the stock. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday. They set a "buy" rating and a $52.00 price target for the company. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research note on Thursday, October 17th. StockNews.com downgraded shares of Flex from a "buy" rating to a "hold" rating in a research note on Saturday, February 1st. Finally, Craig Hallum raised their price target on shares of Flex from $39.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flex has an average rating of "Buy" and a consensus price target of $44.33.
Check Out Our Latest Stock Analysis on Flex
Shares of NASDAQ FLEX opened at $42.39 on Friday. Flex has a twelve month low of $25.27 and a twelve month high of $45.10. The firm has a fifty day simple moving average of $40.50 and a 200 day simple moving average of $36.14. The company has a market capitalization of $16.24 billion, a PE ratio of 17.09, a P/E/G ratio of 2.58 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.
Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, sell-side analysts forecast that Flex will post 2.33 EPS for the current year.
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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