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 12,387,726 shares, an increase of 74.7% from the October 15th total of 7,089,075 shares. Based on an average trading volume of 14,901,432 shares, the short-interest ratio is currently 0.8 days. Currently, 2.3% of the shares of the company are short sold.

In other Flex news, EVP David Scott Offer purchased 27,027 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The shares were acquired at an average price of $7.48 per share, for a total transaction of $202,161.96. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Flex during the 2nd quarter worth $161,000. Bank of Montreal Can grew its holdings in shares of Flex by 116.5% during the 3rd quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock worth $167,000 after purchasing an additional 6,831 shares in the last quarter. Bank of Hawaii acquired a new stake in shares of Flex during the 3rd quarter worth $170,000. Engineers Gate Manager LP acquired a new stake in shares of Flex during the 3rd quarter worth $203,000. Finally, Signition LP acquired a new stake in shares of Flex during the 3rd quarter worth $219,000. 91.89% of the stock is currently owned by institutional investors.

A number of research firms recently weighed in on FLEX. BidaskClub upgraded Flex from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 23rd. Macquarie set a $9.00 price objective on Flex and gave the stock a “hold” rating in a research report on Monday, October 29th. ValuEngine upgraded Flex from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Zacks Investment Research upgraded Flex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Finally, Argus cut Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $17.94.

FLEX stock opened at $8.22 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.73 and a debt-to-equity ratio of 1.07. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.01 and a beta of 1.52. Flex has a fifty-two week low of $6.74 and a fifty-two week high of $19.71.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $6.71 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Flex had a return on equity of 9.83% and a net margin of 1.15%. As a group, equities analysts expect that Flex will post 0.82 EPS for the current fiscal year.

Flex announced that its board has initiated a stock repurchase program on Tuesday, August 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 6.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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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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