Flex (NASDAQ:FLEX) Hits New 52-Week Low – Should You Sell?

Flex Ltd. (NASDAQ:FLEX) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $25.11 and last traded at $25.72, with a volume of 7967013 shares traded. The stock had previously closed at $29.32.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of research analyst reports. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Barclays lifted their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five equities research 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.com, the company currently has an average rating of “Buy” and an average target price of $44.33.

Flex Stock Performance

The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a fifty day simple moving average of $37.83 and a 200-day simple moving average of $37.62.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flex

Several institutional investors and hedge funds have recently modified their holdings of the business. Evergreen Capital Management LLC boosted its holdings in shares of Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after buying an additional 246 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after purchasing an additional 266 shares during the last quarter. Sage Rhino Capital LLC raised its stake in Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after acquiring an additional 374 shares during the period. Arizona State Retirement System lifted its holdings in Flex by 0.4% during the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after purchasing an additional 403 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position in Flex by 11.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock worth $170,000 after purchasing an additional 447 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.