Short Interest in Flex Ltd. (NASDAQ:FLEX) Rises By 55.7%

Flex Ltd. (NASDAQ:FLEX) was the target of a large growth in short interest in December. As of December 31st, there was short interest totaling 13,188,917 shares, a growth of 55.7% from the December 15th total of 8,469,131 shares. Approximately 3.6% of the company’s stock are short sold. Based on an average trading volume of 6,009,211 shares, the days-to-cover ratio is currently 2.2 days. Based on an average trading volume of 6,009,211 shares, the days-to-cover ratio is currently 2.2 days. Approximately 3.6% of the company’s stock are short sold.

Flex Price Performance

FLEX stock traded down $1.76 during trading on Friday, hitting $64.83. The stock had a trading volume of 2,549,020 shares, compared to its average volume of 3,247,193. The company’s 50-day moving average price is $62.11 and its two-hundred day moving average price is $57.87. Flex has a twelve month low of $25.11 and a twelve month high of $72.22. The stock has a market capitalization of $23.97 billion, a P/E ratio of 28.69, a PEG ratio of 1.69 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

Insider Activity

In other Flex news, Director William D. Watkins sold 20,000 shares of Flex stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $54.52, for a total value of $1,090,400.00. Following the transaction, the director owned 98,073 shares in the company, valued at $5,346,939.96. The trade was a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $71.97, for a total transaction of $719,700.00. Following the completion of the transaction, the chief accounting officer directly owned 27,619 shares in the company, valued at approximately $1,987,739.43. The trade was a 26.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 128,906 shares of company stock worth $7,904,439 over the last ninety days. 0.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Partners lifted its stake in shares of Flex by 3.5% in the second quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock worth $1,029,769,000 after buying an additional 687,835 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Flex by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,083,744 shares of the technology company’s stock valued at $758,465,000 after purchasing an additional 221,819 shares in the last quarter. State Street Corp increased its holdings in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. Invesco Ltd. lifted its position in Flex by 6.1% during the second quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock worth $442,870,000 after buying an additional 508,495 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after buying an additional 2,459,511 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FLEX shares. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. KeyCorp boosted their price objective on shares of Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Bank of America boosted their price target on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.11.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.