Flex Ltd. (NASDAQ:FLEX) Short Interest Up 88.1% in November

Flex Ltd. (NASDAQ:FLEX) was the target of a large increase in short interest in November. As of November 30th, there was short interest totalling 18,510,000 shares, an increase of 88.1% from the November 15th total of 9,840,000 shares. Based on an average daily volume of 4,740,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 4.8% of the shares of the stock are sold short.

Flex Stock Performance

Shares of FLEX traded up $0.21 during mid-day trading on Friday, hitting $38.38. The stock had a trading volume of 2,183,676 shares, compared to its average volume of 4,345,582. The company has a market cap of $14.88 billion, a PE ratio of 16.98, a PEG ratio of 2.43 and a beta of 1.10. The company’s fifty day simple moving average is $37.07 and its two-hundred day simple moving average is $33.18. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $42.47.

Insiders Place Their Bets

In related news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now directly owns 240,018 shares in the company, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FLEX. Oddo BHF Asset Management Sas purchased a new position in Flex during the 3rd quarter worth approximately $703,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Flex during the third quarter worth approximately $75,000. TCW Group Inc. raised its position in shares of Flex by 5.8% during the third quarter. TCW Group Inc. now owns 1,811,158 shares of the technology company’s stock valued at $60,547,000 after buying an additional 99,409 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Flex by 13.1% during the 3rd quarter. TD Private Client Wealth LLC now owns 28,835 shares of the technology company’s stock worth $964,000 after purchasing an additional 3,345 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Stifel Nicolaus raised their target price on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Finally, Craig Hallum increased their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flex currently has a consensus rating of “Buy” and an average target price of $42.67.

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.