Flex Ltd. (NASDAQ:FLEX) Sees Large Increase in Short Interest

Flex Ltd. (NASDAQ:FLEX) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 18,510,000 shares, an increase of 88.1% from the November 15th total of 9,840,000 shares. Based on an average daily trading volume, of 4,740,000 shares, the days-to-cover ratio is currently 3.9 days. Currently, 4.8% of the company’s stock are sold short.

Insider Activity at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the transaction, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new position in shares of Flex in the 3rd quarter worth approximately $703,000. Wilmington Savings Fund Society FSB bought a new stake in Flex during the third quarter worth approximately $75,000. TCW Group Inc. grew its position in Flex by 5.8% in the third quarter. TCW Group Inc. now owns 1,811,158 shares of the technology company’s stock worth $60,547,000 after buying an additional 99,409 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Flex by 13.1% in the third quarter. TD Private Client Wealth LLC now owns 28,835 shares of the technology company’s stock valued at $964,000 after buying an additional 3,345 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after acquiring an additional 3,844,935 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Price Performance

Shares of FLEX traded up $0.21 during midday trading on Friday, reaching $38.38. The stock had a trading volume of 2,183,676 shares, compared to its average volume of 4,345,582. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The company has a market capitalization of $14.88 billion, a P/E ratio of 16.98, a P/E/G ratio of 2.43 and a beta of 1.10. The firm’s 50 day moving average price is $37.07 and its 200-day moving average price is $33.18. Flex has a 52 week low of $21.84 and a 52 week high of $42.47.

Analysts Set New Price Targets

FLEX has been the subject of a number of analyst reports. Stifel Nicolaus boosted their target price on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday. KeyCorp assumed coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. Craig Hallum raised their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Barclays boosted their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $42.67.

About Flex

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.