Flex (NASDAQ:FLEX) Reaches New 1-Year Low - Here's Why

Flex Ltd. (NASDAQ:FLEX - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $25.11 and last traded at $25.72, with a volume of 7967013 shares. The stock had previously closed at $29.32.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. KeyCorp reduced their price target on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday. Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target for the company. Finally, StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $43.33.

Flex Stock Performance

The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a fifty day simple moving average of $37.08 and a 200-day simple moving average of $37.53.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) 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%. Analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the company's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Institutional Trading of Flex

A number of institutional investors and hedge funds have recently modified their holdings of FLEX. HighTower Advisors LLC increased its stake in Flex by 9.6% in the third quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company's stock valued at $4,045,000 after purchasing an additional 10,560 shares in the last quarter. State Street Corp grew its holdings in shares of Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock valued at $122,503,000 after buying an additional 603,208 shares during the period. National Bank of Canada FI increased its position in shares of Flex by 0.4% in the 3rd quarter. National Bank of Canada FI now owns 381,461 shares of the technology company's stock valued at $12,751,000 after buying an additional 1,382 shares in the last quarter. MML Investors Services LLC raised its stake in Flex by 7.4% during the 3rd quarter. MML Investors Services LLC now owns 57,390 shares of the technology company's stock worth $1,919,000 after buying an additional 3,964 shares during the period. Finally, Barclays PLC lifted its holdings in Flex by 42.6% during the third quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after acquiring an additional 231,572 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

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.