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

Flex Ltd. (NASDAQ:FLEX) saw some unusual options trading activity on Wednesday. Traders acquired 3,929 call options on the company. This represents an increase of 123% compared to the typical daily volume of 1,760 call options.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $41.51 on Thursday. The company’s 50-day moving average is $39.92 and its 200 day moving average is $35.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The company has a market capitalization of $16.10 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 2.81 and a beta of 1.10. Flex has a fifty-two week low of $23.43 and a fifty-two week high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 forecast that Flex will post 2.15 earnings per share for the current year.

Insider Activity

In other news, Director Charles K. Stevens III sold 13,157 shares of the firm’s 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 sale, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares during the period. Simcoe Capital Management LLC purchased a new position in Flex during the third quarter valued at $22,075,000. State Street Corp lifted its position in Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after buying an additional 603,208 shares during the period. Finally, BNP Paribas Financial Markets raised its position in shares of Flex by 2,600.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 493,659 shares of the technology company’s stock worth $16,503,000 after purchasing an additional 475,376 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on FLEX. KeyCorp began coverage on shares of Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target for the company. Barclays lifted their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Stifel Nicolaus lifted their price objective on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research note on Thursday, October 17th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flex presently has an average rating of “Buy” and an average price target 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.