Flex Ltd (FLEX) Short Interest Up 34.5% in May

Flex Ltd (NASDAQ:FLEX) was the recipient of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 6,567,014 shares, a growth of 34.5% from the April 28th total of 4,882,959 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average trading volume of 5,003,818 shares, the short-interest ratio is presently 1.3 days.

Flex (NASDAQ FLEX) traded up 2.06% during mid-day trading on Monday, hitting $16.84. The company had a trading volume of 3,686,709 shares. Flex has a 1-year low of $11.51 and a 1-year high of $17.76. The company has a 50 day moving average of $16.48 and a 200 day moving average of $15.86. The firm has a market capitalization of $8.92 billion, a PE ratio of 28.54 and a beta of 0.75.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, April 27th. The technology company reported $0.29 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.29. The firm had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.68 billion. Flex had a net margin of 1.48% and a return on equity of 13.29%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the company posted $0.29 EPS. Analysts predict that Flex will post $1.21 earnings per share for the current fiscal year.

FLEX has been the subject of a number of research reports. ValuEngine upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Bank of America Corporation reiterated a “buy” rating and issued a $19.50 price objective (up from $17.50) on shares of Flex in a report on Wednesday, May 17th. Craig Hallum raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. Zacks Investment Research raised Flex from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Tuesday, March 28th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $22.00 target price on shares of Flex in a research note on Tuesday, March 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $17.13.

In related news, CAO David P. Bennett sold 5,656 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total transaction of $93,946.16. Following the sale, the chief accounting officer now directly owns 62,974 shares in the company, valued at approximately $1,045,998.14. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael M. Mcnamara sold 58,838 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $16.81, for a total value of $989,066.78. The disclosure for this sale can be found here. Insiders sold 387,718 shares of company stock valued at $6,405,086 in the last three months. Insiders own 0.94% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Boston Partners boosted its position in Flex by 4.1% in the first quarter. Boston Partners now owns 50,704,514 shares of the technology company’s stock worth $851,835,000 after buying an additional 2,017,065 shares during the last quarter. Janus Capital Management LLC boosted its position in Flex by 1.3% in the first quarter. Janus Capital Management LLC now owns 28,581,585 shares of the technology company’s stock worth $480,167,000 after buying an additional 359,493 shares during the last quarter. BlackRock Inc. boosted its position in Flex by 899.5% in the first quarter. BlackRock Inc. now owns 24,233,981 shares of the technology company’s stock worth $407,131,000 after buying an additional 21,809,363 shares during the last quarter. Wellington Management Group LLP boosted its position in Flex by 48.0% in the first quarter. Wellington Management Group LLP now owns 14,453,585 shares of the technology company’s stock worth $242,819,000 after buying an additional 4,688,140 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Flex by 17.1% in the first quarter. Victory Capital Management Inc. now owns 10,956,803 shares of the technology company’s stock worth $184,074,000 after buying an additional 1,601,580 shares during the last quarter. 91.16% of the stock is owned by hedge funds and other institutional investors.

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About Flex

Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).

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