Flex Target of Unusually Large Options Trading (NASDAQ:FLEX)

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Flex Ltd (NASDAQ:FLEX) saw unusually large options trading activity on Monday. Stock traders bought 7,827 put options on the stock. This represents an increase of approximately 2,553% compared to the average daily volume of 295 put options.

In other news, CFO Christopher Collier sold 35,000 shares of Flex stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $11.72, for a total value of $410,200.00. Following the sale, the chief financial officer now owns 1,214,143 shares of the company’s stock, valued at $14,229,755.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Flex by 506.1% in the third quarter. Millennium Management LLC now owns 2,326,663 shares of the technology company’s stock valued at $24,348,000 after buying an additional 1,942,769 shares in the last quarter. Sachem Head Capital Management LP acquired a new stake in shares of Flex in the 3rd quarter worth approximately $114,069,000. Worldquant Millennium Advisors LLC grew its holdings in shares of Flex by 197.8% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 433,775 shares of the technology company’s stock worth $4,539,000 after acquiring an additional 288,107 shares during the period. Parametric Portfolio Associates LLC grew its holdings in shares of Flex by 19.1% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,196,658 shares of the technology company’s stock worth $12,523,000 after acquiring an additional 192,152 shares during the period. Finally, California State Teachers Retirement System increased its stake in Flex by 7.5% in the 3rd quarter. California State Teachers Retirement System now owns 42,565 shares of the technology company’s stock valued at $445,000 after purchasing an additional 2,962 shares in the last quarter. 93.71% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have recently issued reports on FLEX. BidaskClub raised Flex from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. ValuEngine cut Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Finally, Zacks Investment Research upgraded Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price target on the stock in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $10.58.

Shares of NASDAQ FLEX opened at $11.36 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.76 and a current ratio of 1.26. Flex has a one year low of $7.16 and a one year high of $12.54. The firm has a market capitalization of $5.77 billion, a P/E ratio of 63.11, a PEG ratio of 2.21 and a beta of 1.84. The company’s fifty day moving average is $11.50 and its two-hundred day moving average is $10.34.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.39. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The business had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter last year, the firm posted $0.29 EPS. The business’s revenue was down 8.6% compared to the same quarter last year. On average, sell-side analysts forecast that Flex will post 0.35 earnings per share for the current fiscal year.

Flex Company Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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