Flex Ltd. (NASDAQ:FLEX) Short Interest Down 18.0% in October

Flex Ltd. (NASDAQ:FLEX) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 9,590,000 shares, a decline of 18.0% from the October 15th total of 11,700,000 shares. Based on an average trading volume of 3,350,000 shares, the short-interest ratio is currently 2.9 days. Currently, 2.5% of the shares of the company are sold short.

Flex Stock Performance

NASDAQ FLEX opened at $37.20 on Friday. The company has a market capitalization of $14.43 billion, a P/E ratio of 16.46, a P/E/G ratio of 2.41 and a beta of 1.08. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. Flex has a 52-week low of $21.84 and a 52-week high of $40.30. The company has a fifty day moving average of $34.12 and a 200-day moving average of $31.89.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLEX. Barclays lifted their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective for the company. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Finally, Stifel Nicolaus raised their price target on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $40.83.

Insiders Place Their Bets

In related news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the sale, the executive vice president now directly owns 168,094 shares in the company, valued at approximately $5,377,327.06. The trade was a 5.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,185 shares of company stock valued at $1,442,555. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC lifted its position in Flex by 1.3% in the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after buying an additional 344,773 shares during the last quarter. Boston Partners boosted its stake in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Flex by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after purchasing an additional 127,688 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Flex by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Flex by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock valued at $170,833,000 after acquiring an additional 141,580 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

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.