Flex Target of Unusually High Options Trading (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the target of unusually large options trading activity on Monday. Traders acquired 2,443 put options on the company. This is an increase of 71% compared to the typical daily volume of 1,432 put options.

Flex Price Performance

Flex stock opened at $40.59 on Wednesday. Flex has a one year low of $22.57 and a one year high of $45.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The business has a 50 day simple moving average of $39.89 and a 200 day simple moving average of $35.25. The company has a market capitalization of $15.74 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 2.81 and a beta of 1.10.

Insider Transactions at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. The trade was a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new position in shares of Flex in the third quarter valued at approximately $29,000. R Squared Ltd bought a new stake in shares of Flex during the fourth quarter worth $35,000. Huntington National Bank increased its stake in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in Flex during the 3rd quarter worth about $39,000. Finally, Quarry LP bought a new stake in Flex during the 2nd quarter worth about $43,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FLEX shares. Barclays lifted their price target on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. Finally, Stifel Nicolaus upped their price target on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $42.67.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.