Short Interest in Flex Ltd. (NASDAQ:FLEX) Drops By 26.0%

Flex Ltd. (NASDAQ:FLEX - Get Free Report) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 10,620,000 shares, a drop of 26.0% from the January 15th total of 14,350,000 shares. Currently, 2.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,550,000 shares, the days-to-cover ratio is currently 2.3 days.

Insider Activity

In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently modified their holdings of the company. Evergreen Capital Management LLC lifted its stake in shares of Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after purchasing an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after buying an additional 266 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock valued at $53,000 after buying an additional 305 shares during the period. Stephens Inc. AR raised its holdings in shares of Flex by 2.6% during the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company's stock valued at $472,000 after buying an additional 361 shares during the period. Finally, Sage Rhino Capital LLC raised its holdings in shares of Flex by 1.1% during the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock valued at $1,358,000 after buying an additional 374 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Trading Up 0.3 %

NASDAQ:FLEX traded up $0.12 during mid-day trading on Monday, reaching $42.51. The company's stock had a trading volume of 1,506,046 shares, compared to its average volume of 3,842,607. The company's fifty day simple moving average is $40.72 and its two-hundred day simple moving average is $36.40. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. Flex has a twelve month low of $25.27 and a twelve month high of $45.10. The stock has a market cap of $16.29 billion, a P/E ratio of 17.14, a P/E/G ratio of 2.58 and a beta of 1.10.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, equities analysts predict that Flex will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. KeyCorp assumed coverage on Flex in a research note on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 price objective on the stock. Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday. Finally, Barclays raised their price target on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Flex currently has a consensus rating of "Buy" and a consensus target price of $44.33.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.