Flex Ltd (NASDAQ:FLEX) was the recipient of a large decline in short interest in June. As of June 30th, there was short interest totalling 6,884,600 shares, a decline of 13.7% from the May 30th total of 7,978,200 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average daily trading volume, of 6,310,000 shares, the days-to-cover ratio is currently 1.1 days.
In other Flex news, CFO Christopher Collier sold 12,890 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $9.61, for a total transaction of $123,872.90. Following the sale, the chief financial officer now directly owns 1,118,171 shares of the company’s stock, valued at approximately $10,745,623.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Douglas Britt sold 9,762 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $8.97, for a total transaction of $87,565.14. The disclosure for this sale can be found here. Insiders have sold a total of 157,902 shares of company stock worth $1,487,783 over the last three months. Insiders own 0.88% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Campbell & CO Investment Adviser LLC bought a new position in Flex in the 2nd quarter valued at approximately $648,000. FMR LLC lifted its stake in Flex by 71.7% in the 1st quarter. FMR LLC now owns 17,803,429 shares of the technology company’s stock valued at $178,034,000 after purchasing an additional 7,437,416 shares during the last quarter. Front Row Advisors LLC lifted its stake in Flex by 646.9% in the 1st quarter. Front Row Advisors LLC now owns 2,547 shares of the technology company’s stock valued at $25,000 after purchasing an additional 2,206 shares during the last quarter. Rehmann Capital Advisory Group lifted its stake in Flex by 136.8% in the 1st quarter. Rehmann Capital Advisory Group now owns 21,326 shares of the technology company’s stock valued at $213,000 after purchasing an additional 12,320 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new position in Flex in the 1st quarter valued at approximately $2,354,000. Institutional investors and hedge funds own 94.49% of the company’s stock.
Shares of Flex stock traded up $0.32 during trading on Friday, hitting $9.90. 3,351,122 shares of the stock were exchanged, compared to its average volume of 5,188,001. The firm has a market cap of $5.09 billion, a PE ratio of 55.00, a price-to-earnings-growth ratio of 0.60 and a beta of 1.80. The stock has a fifty day moving average of $9.44. Flex has a 1-year low of $6.74 and a 1-year high of $15.38. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.20 and a quick ratio of 0.71.
Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, April 30th. The technology company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The company had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.41 billion. Flex had a net margin of 0.36% and a return on equity of 3.03%. Flex’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 EPS. Equities research analysts expect that Flex will post 0.98 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on the stock. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Zacks Investment Research lowered shares of GENEL ENERGY PL/ADR from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. JPMorgan Chase & Co. lowered shares of Sampo Oyj from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 29th. Goldman Sachs Group upgraded shares of Exelon from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $48.00 to $52.00 in a research note on Thursday, June 6th. Finally, BidaskClub lowered shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research note on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $10.67.
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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