Flex Ltd (NASDAQ:FLEX) was the recipient of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 16,136,738 shares, a decrease of 14.2% from the January 15th total of 18,811,870 shares. Based on an average daily trading volume, of 8,205,805 shares, the short-interest ratio is presently 2.0 days. Currently, 3.1% of the shares of the company are short sold.
A number of brokerages have recently weighed in on FLEX. Needham & Company LLC lowered Flex from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. ValuEngine upgraded Flex from a “hold” rating to a “buy” rating in a research note on Thursday, January 31st. BidaskClub upgraded Flex from a “sell” rating to a “hold” rating in a research note on Tuesday, January 29th. Wolfe Research began coverage on Flex in a research note on Tuesday, December 11th. They set a “market perform” rating on the stock. Finally, Zacks Investment Research upgraded Flex from a “strong sell” rating to a “hold” rating in a research note on Monday, December 31st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $15.17.
Shares of NASDAQ FLEX opened at $10.09 on Tuesday. The company has a market cap of $4.98 billion, a PE ratio of 12.61, a PEG ratio of 1.24 and a beta of 1.79. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.75 and a current ratio of 1.26. Flex has a 1-year low of $6.74 and a 1-year high of $19.09.
In other Flex news, Director Marc A. Onetto acquired 11,500 shares of the company’s stock in a transaction on Tuesday, December 4th. The shares were purchased at an average price of $8.49 per share, for a total transaction of $97,635.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. Brandes Investment Partners LP bought a new position in Flex during the 4th quarter worth $28,980,000. Bank of New York Mellon Corp increased its stake in Flex by 8.2% during the 4th quarter. Bank of New York Mellon Corp now owns 719,874 shares of the technology company’s stock worth $5,477,000 after acquiring an additional 54,378 shares during the period. BlackRock Inc. increased its stake in Flex by 5.4% during the 4th quarter. BlackRock Inc. now owns 10,007,102 shares of the technology company’s stock worth $76,154,000 after acquiring an additional 515,902 shares during the period. Tocqueville Asset Management L.P. increased its stake in Flex by 56.1% during the 4th quarter. Tocqueville Asset Management L.P. now owns 1,112,500 shares of the technology company’s stock worth $8,466,000 after acquiring an additional 400,000 shares during the period. Finally, Pzena Investment Management LLC increased its stake in Flex by 40.7% during the 4th quarter. Pzena Investment Management LLC now owns 8,968,354 shares of the technology company’s stock worth $68,249,000 after acquiring an additional 2,593,410 shares during the period. Hedge funds and other institutional investors own 94.01% of the company’s stock.
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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