Flex Ltd. (NASDAQ:FLEX) Short Interest Up 7.3% in May

Posted by on May 30th, 2023

Flex Ltd. (NASDAQ:FLEX – Get Rating) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 13,060,000 shares, a growth of 7.3% from the April 30th total of 12,170,000 shares. Based on an average daily volume of 4,360,000 shares, the short-interest ratio is currently 3.0 days. Currently, 3.0% of the shares of the company are short sold.

Flex Trading Up 1.7 %

NASDAQ FLEX opened at $25.91 on Tuesday. The company’s fifty day simple moving average is $22.01 and its 200-day simple moving average is $22.27. Flex has a 52 week low of $13.63 and a 52 week high of $26.04. The company has a current ratio of 1.48, a quick ratio of 0.78 and a debt-to-equity ratio of 0.65. The stock has a market cap of $11.52 billion, a P/E ratio of 15.15, a PEG ratio of 0.94 and a beta of 1.46.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of Flex in a report on Thursday, May 18th. They set a “hold” rating for the company.

Insiders Place Their Bets

In other news, CAO Daniel Wendler sold 1,512 shares of the firm’s stock in a transaction on Friday, March 10th. The shares were sold at an average price of $21.95, for a total value of $33,188.40. Following the completion of the sale, the chief accounting officer now owns 18,266 shares in the company, valued at approximately $400,938.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kwang Hooi Tan sold 3,483 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $22.81, for a total value of $79,447.23. Following the completion of the sale, the insider now owns 131,002 shares in the company, valued at $2,988,155.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 1,512 shares of the firm’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $21.95, for a total transaction of $33,188.40. Following the completion of the sale, the chief accounting officer now owns 18,266 shares of the company’s stock, valued at approximately $400,938.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,995 shares of company stock valued at $318,636. Insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Motco acquired a new stake in Flex in the fourth quarter valued at $27,000. Atticus Wealth Management LLC acquired a new stake in Flex in the first quarter valued at $27,000. Exchange Traded Concepts LLC acquired a new stake in Flex in the fourth quarter valued at $29,000. Belpointe Asset Management LLC acquired a new stake in Flex in the fourth quarter valued at $36,000. Finally, Dark Forest Capital Management LP acquired a new stake in Flex in the fourth quarter valued at $36,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Flex Company Profile

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Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.

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