Flex Ltd (NASDAQ:FLEX) Short Interest Up 7.2% in October

Flex Ltd (NASDAQ:FLEX) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 8,220,000 shares, an increase of 7.2% from the September 30th total of 7,670,000 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily volume of 4,890,000 shares, the days-to-cover ratio is currently 1.7 days.

In other news, CFO Christopher Collier sold 35,000 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $11.72, for a total transaction of $410,200.00. Following the transaction, the chief financial officer now directly owns 1,214,143 shares of the company’s stock, valued at approximately $14,229,755.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. raised its holdings in Flex by 3.2% in the second quarter. Macquarie Group Ltd. now owns 5,063,993 shares of the technology company’s stock valued at $48,462,000 after buying an additional 157,948 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of Flex by 43.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 146,852 shares of the technology company’s stock valued at $1,537,000 after purchasing an additional 44,721 shares during the period. Royal Bank of Canada raised its stake in shares of Flex by 77.1% during the second quarter. Royal Bank of Canada now owns 211,911 shares of the technology company’s stock valued at $2,029,000 after purchasing an additional 92,254 shares during the period. Hunter Associates Investment Management LLC raised its stake in shares of Flex by 17.3% during the second quarter. Hunter Associates Investment Management LLC now owns 19,320 shares of the technology company’s stock valued at $185,000 after purchasing an additional 2,846 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Flex by 32.8% during the third quarter. State of New Jersey Common Pension Fund D now owns 1,096,301 shares of the technology company’s stock valued at $11,473,000 after purchasing an additional 270,764 shares during the period. Hedge funds and other institutional investors own 94.79% of the company’s stock.

FLEX has been the topic of a number of recent analyst reports. ValuEngine cut shares of Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price target on the stock in a research note on Wednesday, September 25th. Finally, BidaskClub raised shares of Flex from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Flex presently has an average rating of “Hold” and an average target price of $10.58.

Shares of NASDAQ:FLEX traded up $0.24 on Friday, reaching $12.18. 3,317,600 shares of the company were exchanged, compared to its average volume of 6,931,188. Flex has a 1-year low of $7.16 and a 1-year high of $12.54. The company has a 50-day moving average of $10.83 and a 200-day moving average of $10.24. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 1.24. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 67.67, a price-to-earnings-growth ratio of 2.22 and a beta of 1.85.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, October 24th. The technology company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.39. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same quarter last year, the firm posted $0.29 earnings per share. Flex’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, analysts forecast that Flex will post 0.35 earnings per share for the current year.

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.

Further Reading: Treasury Bonds

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.