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

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

Flex Stock Performance

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

Insider Transactions at Flex

In other news, CFO Kevin Krumm sold 21,406 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the completion of the transaction, the chief financial officer directly owned 143,803 shares in the company, valued at approximately $8,805,057.69. This represents a 12.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the sale, the chief accounting officer owned 27,619 shares of the company’s stock, valued at approximately $1,987,739.43. This represents a 26.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 128,906 shares of company stock valued at $7,904,439 in the last three months. 0.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

Hedge funds have recently made changes to their positions in the business. Fulton Bank N.A. increased its position in Flex by 0.3% in the 3rd quarter. Fulton Bank N.A. now owns 49,904 shares of the technology company’s stock valued at $2,893,000 after acquiring an additional 167 shares during the period. Diversified Trust Co increased its holdings in shares of Flex by 2.4% in the third quarter. Diversified Trust Co now owns 7,697 shares of the technology company’s stock valued at $446,000 after purchasing an additional 179 shares during the period. Parallel Advisors LLC raised its stake in shares of Flex by 5.3% during the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after purchasing an additional 181 shares during the last quarter. US Bancorp DE grew its position in Flex by 1.2% in the 3rd quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock valued at $1,144,000 after buying an additional 225 shares during the last quarter. Finally, Modera Wealth Management LLC grew its position in Flex by 3.4% in the 3rd quarter. Modera Wealth Management LLC now owns 7,011 shares of the technology company’s stock valued at $406,000 after buying an additional 231 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Bank of America upped their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Argus set a $85.00 price objective on Flex in a research note on Friday, October 31st. Barclays decreased their price objective on shares of Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday. KeyCorp increased their target price on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price target on shares of Flex in a report on Wednesday, November 12th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.