Flex Ltd. (NASDAQ:FLEX) Short Interest Update

Flex Ltd. (NASDAQ:FLEXGet Rating) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 10,310,000 shares, a drop of 10.5% from the July 15th total of 11,520,000 shares. Based on an average daily volume of 3,910,000 shares, the short-interest ratio is currently 2.6 days. Currently, 2.3% of the shares of the company are sold short.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 6,655 shares of Flex stock in a transaction dated Wednesday, June 22nd. The stock was sold at an average price of $14.59, for a total transaction of $97,096.45. Following the completion of the transaction, the executive vice president now owns 262,920 shares in the company, valued at $3,836,002.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Kwang Hooi Tan sold 6,755 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $18.00, for a total value of $121,590.00. Following the transaction, the insider now owns 117,077 shares of the company’s stock, valued at $2,107,386. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 6,655 shares of the company’s stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of $14.59, for a total value of $97,096.45. Following the completion of the transaction, the executive vice president now directly owns 262,920 shares in the company, valued at approximately $3,836,002.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 637,237 shares of company stock worth $9,633,019. Company insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Investors Research Corp lifted its stake in Flex by 1.8% during the first quarter. Investors Research Corp now owns 37,752 shares of the technology company’s stock worth $700,000 after purchasing an additional 650 shares during the last quarter. Rehmann Capital Advisory Group lifted its stake in Flex by 6.9% during the second quarter. Rehmann Capital Advisory Group now owns 11,058 shares of the technology company’s stock worth $160,000 after purchasing an additional 710 shares during the last quarter. SVB Wealth LLC lifted its stake in Flex by 6.2% during the first quarter. SVB Wealth LLC now owns 12,472 shares of the technology company’s stock worth $232,000 after purchasing an additional 729 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of Flex by 8.9% during the second quarter. Captrust Financial Advisors now owns 9,593 shares of the technology company’s stock worth $139,000 after buying an additional 780 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Flex by 1.0% during the first quarter. HighTower Advisors LLC now owns 86,350 shares of the technology company’s stock worth $1,600,000 after buying an additional 853 shares in the last quarter. 95.95% of the stock is currently owned by institutional investors.

Flex Price Performance

NASDAQ FLEX traded down $0.18 on Wednesday, hitting $18.58. 252,212 shares of the company’s stock were exchanged, compared to its average volume of 4,928,755. The stock has a 50-day moving average of $15.71 and a 200-day moving average of $16.43. The company has a current ratio of 1.31, a quick ratio of 0.68 and a debt-to-equity ratio of 0.76. Flex has a 52 week low of $13.63 and a 52 week high of $19.50. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 9.63, a P/E/G ratio of 0.70 and a beta of 1.53.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLEX. Argus raised Flex from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, May 18th. Credit Suisse Group assumed coverage on Flex in a research note on Tuesday. They issued an “outperform” rating and a $24.00 price target for the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Saturday, August 6th. Finally, The Goldman Sachs Group cut their price target on Flex from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, June 1st.

About Flex

(Get Rating)

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio.

Further Reading

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