Flex Ltd (NASDAQ:FLEX) Sees Significant Increase in Short Interest

Flex Ltd (NASDAQ:FLEX) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 8,220,000 shares, an increase of 7.2% from the September 30th total of 7,670,000 shares. Based on an average daily trading volume, of 4,890,000 shares, the short-interest ratio is currently 1.7 days. Currently, 1.6% of the company’s stock are short sold.

In related news, CFO Christopher Collier sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $11.72, for a total transaction of $410,200.00. Following the sale, the chief financial officer now directly owns 1,214,143 shares of the company’s stock, valued at approximately $14,229,755.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.42% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Shine Investment Advisory Services Inc. boosted its stake in Flex by 33.6% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 4,071 shares of the technology company’s stock worth $39,000 after purchasing an additional 1,024 shares during the period. CIBC Private Wealth Group LLC boosted its stake in Flex by 1.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 96,329 shares of the technology company’s stock worth $1,009,000 after purchasing an additional 1,203 shares during the period. Comerica Bank boosted its stake in Flex by 2.3% during the 3rd quarter. Comerica Bank now owns 55,102 shares of the technology company’s stock worth $573,000 after purchasing an additional 1,216 shares during the period. Cerebellum GP LLC raised its position in Flex by 4.0% during the 3rd quarter. Cerebellum GP LLC now owns 38,742 shares of the technology company’s stock worth $405,000 after buying an additional 1,473 shares during the last quarter. Finally, World Asset Management Inc raised its position in Flex by 6.4% during the 2nd quarter. World Asset Management Inc now owns 25,567 shares of the technology company’s stock worth $245,000 after buying an additional 1,536 shares during the last quarter. Hedge funds and other institutional investors own 94.79% of the company’s stock.

FLEX traded up $0.24 during trading hours on Friday, hitting $12.18. 3,317,600 shares of the company’s stock were exchanged, compared to its average volume of 6,793,399. The firm has a market cap of $6.27 billion, a P/E ratio of 67.67, a price-to-earnings-growth ratio of 2.30 and a beta of 1.85. The firm has a 50 day moving average of $10.83 and a 200 day moving average of $10.24. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 1.24. Flex has a 12-month low of $7.16 and a 12-month high of $12.54.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, October 24th. The technology company reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.39. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $6.29 billion. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. Flex’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 EPS. As a group, research analysts expect that Flex will post 0.35 EPS for the current fiscal year.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 target price on the stock in a research note on Wednesday, September 25th. BidaskClub raised shares of Flex from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, ValuEngine downgraded shares of Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $10.58.

Flex Company Profile

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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