Traders Purchase Large Volume of Call Options on Flex (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the target of some unusual options trading activity on Wednesday. Traders purchased 3,929 call options on the stock. This represents an increase of approximately 123% compared to the average volume of 1,760 call options.

Insider Buying and Selling at Flex

In other news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the sale, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of institutional investors and hedge funds have recently modified their holdings of FLEX. Harbor Capital Advisors Inc. acquired a new position in Flex in the third quarter valued at approximately $29,000. Huntington National Bank increased its position 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. R Squared Ltd purchased a new stake in shares of Flex in the fourth quarter valued at approximately $35,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Flex in the third quarter valued at approximately $39,000. Finally, Quarry LP purchased a new stake in shares of Flex in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. KeyCorp assumed coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target for the company. The Goldman Sachs Group set a $39.00 target price on Flex in a research report on Thursday, October 17th. Stifel Nicolaus increased their target price on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Craig Hallum increased their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $42.67.

Flex Stock Performance

Shares of Flex stock opened at $41.51 on Thursday. The stock’s fifty day moving average price is $39.92 and its 200-day moving average price is $35.30. Flex has a 12 month low of $23.43 and a 12 month high of $45.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The firm has a market cap of $16.10 billion, a P/E ratio of 18.37, a P/E/G ratio of 2.81 and a beta of 1.10.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 16.66% and a net margin of 3.62%. On average, equities research analysts expect that Flex will post 2.15 earnings per share for the current fiscal year.

About Flex

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.