Stock Traders Buy Large Volume of Put Options on Flex (NASDAQ:FLEX)

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

Insider Transactions at Flex

In related news, Director Charles K. Stevens III sold 13,157 shares of the firm’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 transaction, the director now directly owns 55,713 shares of the company’s stock, valued at approximately $2,155,535.97. This trade represents 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. Insiders own 0.82% of the company’s stock.

Institutional Trading of Flex

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Flex by 619.3% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 acquiring an additional 2,170,262 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after purchasing an additional 792,700 shares during the period. Simcoe Capital Management LLC bought a new position in shares of Flex in the 3rd quarter worth $22,075,000. Finally, State Street Corp grew its position in Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after purchasing an additional 603,208 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of FLEX stock traded down $4.12 on Monday, reaching $40.16. The company had a trading volume of 1,625,832 shares, compared to its average volume of 2,842,803. The business’s 50-day moving average is $39.79 and its 200 day moving average is $35.12. Flex has a one year low of $22.57 and a one year high of $45.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $15.57 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 2.81 and a beta of 1.10.

Wall Street Analyst Weigh In

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