Short Interest in Flex Ltd. (NASDAQ:FLEX) Declines By 7.1%

Flex Ltd. (NASDAQ:FLEX) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 6,670,000 shares, a decline of 7.1% from the July 15th total of 7,180,000 shares. Based on an average trading volume of 3,720,000 shares, the days-to-cover ratio is currently 1.8 days. Approximately 1.7% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research firms have commented on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Craig Hallum raised Flex from a “hold” rating to a “buy” rating and upped their price objective for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Barclays boosted their target price on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus raised their price target on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $38.40.

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 1,670 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the sale, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at approximately $880,261.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Revathi Advaithi sold 61,042 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $1,985,696.26. Following the sale, the chief executive officer now directly owns 1,842,362 shares of the company’s stock, valued at $59,932,035.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Daniel Wendler sold 1,670 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the sale, the chief accounting officer now directly owns 27,060 shares in the company, valued at $880,261.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 559,062 shares of company stock worth $18,134,960. 0.82% of the stock is owned by company insiders.

Institutional Trading of Flex

Large investors have recently added to or reduced their stakes in the business. Richardson Financial Services Inc. purchased a new stake in shares of Flex in the 4th quarter valued at approximately $34,000. Quarry LP acquired a new position in shares of Flex during the 2nd quarter worth $43,000. American Capital Advisory LLC acquired a new position in shares of Flex during the 2nd quarter worth $46,000. CWM LLC increased its stake in shares of Flex by 92.5% during the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the last quarter. Finally, J.Safra Asset Management Corp increased its stake in shares of Flex by 623.6% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock worth $87,000 after purchasing an additional 2,538 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Performance

Shares of FLEX stock opened at $31.50 on Wednesday. Flex has a 12 month low of $21.84 and a 12 month high of $34.12. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.79. The firm has a market capitalization of $12.56 billion, a P/E ratio of 13.70, a P/E/G ratio of 2.03 and a beta of 1.12. The company’s fifty day moving average price is $30.40 and its two-hundred day moving average price is $29.50.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. On average, research analysts anticipate that Flex will post 2.09 earnings per share for the current fiscal year.

Flex Company Profile

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.