Flex Ltd (FLEX) Short Interest Update

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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.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 30th. The technology company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.04. Flex had a return on equity of 4.47% and a net margin of 0.52%. The company had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.77 billion. During the same quarter last year, the company earned $0.31 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Flex will post 0.66 earnings per share for the current year.

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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About Flex

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.

See Also: Consumer Price Index (CPI)

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