Short Interest in Flex Ltd (FLEX) Drops By 14.2%

Flex Ltd (NASDAQ:FLEX) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 13,922,798 shares, a decrease of 14.2% from the February 28th total of 16,228,447 shares. Based on an average trading volume of 6,151,664 shares, the days-to-cover ratio is presently 2.3 days. Approximately 2.7% of the company’s stock are short sold.

Several research firms have recently issued reports on FLEX. BidaskClub upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. ValuEngine lowered shares of Flex from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Zacks Investment Research upgraded shares of Flex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 5th. Finally, JPMorgan Chase & Co. lowered shares of Flex from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $14.00 to $12.00 in a research note on Wednesday, January 2nd. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Flex has an average rating of “Hold” and an average price target of $15.17.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLEX. First Mercantile Trust Co. lifted its holdings in shares of Flex by 5.0% in the fourth quarter. First Mercantile Trust Co. now owns 39,697 shares of the technology company’s stock worth $302,000 after buying an additional 1,882 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Flex by 119.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 3,825 shares of the technology company’s stock worth $29,000 after buying an additional 2,084 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co lifted its holdings in shares of Flex by 83.3% in the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 11,000 shares of the technology company’s stock worth $84,000 after buying an additional 5,000 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Flex by 19.7% in the third quarter. First Trust Advisors LP now owns 41,147 shares of the technology company’s stock worth $540,000 after buying an additional 6,772 shares in the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Flex by 8.6% in the third quarter. LPL Financial LLC now owns 86,471 shares of the technology company’s stock worth $1,134,000 after buying an additional 6,847 shares in the last quarter. 93.90% of the stock is currently owned by institutional investors and hedge funds.

FLEX remained flat at $$11.21 during trading on Friday. 5,685,974 shares of the company traded hands, compared to its average volume of 4,737,249. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 0.94 and a beta of 1.78. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.75 and a current ratio of 1.26. Flex has a one year low of $6.74 and a one year high of $17.44.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 30th. The technology company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.04. The company had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.77 billion. Flex had a net margin of 0.52% and a return on equity of 4.47%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Equities analysts predict that Flex will post 0.66 EPS for the current year.

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About Flex

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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