Short Interest in Flex Ltd. (NASDAQ:FLEX) Expands By 37.1%

Flex Ltd. (NASDAQ:FLEX) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totaling 8,469,131 shares, a growth of 37.1% from the November 30th total of 6,176,078 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,675,741 shares, the short-interest ratio is currently 1.3 days. Based on an average daily trading volume, of 6,675,741 shares, the short-interest ratio is currently 1.3 days. Currently, 2.3% of the shares of the stock are short sold.

Flex Trading Down 1.2%

Shares of NASDAQ:FLEX traded down $0.72 during trading on Tuesday, reaching $61.84. The stock had a trading volume of 532,020 shares, compared to its average volume of 4,310,287. Flex has a 52 week low of $25.11 and a 52 week high of $72.22. The firm’s fifty day moving average is $62.41 and its 200 day moving average is $56.50. The stock has a market cap of $22.87 billion, a price-to-earnings ratio of 27.37, a P/E/G ratio of 1.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Argus set a $85.00 target price on shares of Flex in a research note on Friday, October 31st. Weiss Ratings restated a “buy (b)” rating on shares of Flex in a research report on Monday, December 22nd. Bank of America increased their target price on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and a consensus price target of $65.88.

Insider Transactions at Flex

In other news, Director Michael E. Hurlston sold 10,000 shares of Flex stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the director owned 58,561 shares in the company, valued at approximately $3,396,538. This trade represents a 14.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael P. Hartung sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $64.26, for a total value of $963,900.00. Following the completion of the sale, the insider directly owned 241,198 shares in the company, valued at $15,499,383.48. This trade represents a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 107,500 shares of company stock worth $6,593,750. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Flex

Large investors have recently bought and sold shares of the stock. Brighton Jones LLC acquired a new position in shares of Flex during the fourth quarter valued at about $260,000. Vident Advisory LLC raised its stake in Flex by 205.5% during the 1st quarter. Vident Advisory LLC now owns 19,674 shares of the technology company’s stock worth $651,000 after buying an additional 13,235 shares during the period. Quarry LP boosted its holdings in Flex by 203.2% in the first quarter. Quarry LP now owns 3,447 shares of the technology company’s stock worth $114,000 after acquiring an additional 2,310 shares in the last quarter. Graham Capital Management L.P. grew its stake in Flex by 88.0% in the first quarter. Graham Capital Management L.P. now owns 18,802 shares of the technology company’s stock valued at $622,000 after acquiring an additional 8,802 shares during the period. Finally, Maverick Capital Ltd. increased its holdings in shares of Flex by 108.9% during the first quarter. Maverick Capital Ltd. now owns 18,683 shares of the technology company’s stock valued at $618,000 after acquiring an additional 9,740 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

About Flex

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.