Insider Selling: OFFER DAVID SCOTT, Flex Ltd. [FLEX] EVP, General Counsel divested 6,655 shares

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Flex Ltd. shares valued at $97,085 were sold by OFFER DAVID SCOTT on Jun 22. At $14.59 per share, OFFER DAVID SCOTT sold 6,655 shares. The insider’s holdings dropped to 262,920 shares worth approximately $4.46 million following the completion of this transaction.


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Also, Advaithi Revathi sold 417,739 shares, netting a total of over 6,019,481 in proceeds. Following the sale of shares at $14.41 each, the insider now holds 1,472,652 shares.

Before that, Hartung Michael P had sold 31,602 shares from its account. In a trade valued at $455,264, the Group President traded Flex Ltd. shares for $14.41 each. Upon closing the transaction, the insider’s holdings decreased to 31,602 shares, worth approximately $3.19 million.

As published in a research note from Argus on May 18, 2022, Flex Ltd. [FLEX] has been rated up from a Hold to a Buy and the price target has been revised to $22. This represents a 22.95% premium over Thursday’s closing price. Analysts at Cross Research upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early May. As of February 26, 2021, JP Morgan has increased its “Neutral” rating to a “an Overweight” for FLEX. Earlier on December 18, 2020, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for FLEX stock which previously was a “an Overweight”.

Analyzing FLEX’s Price Performance

On Thursday, Flex Ltd. [NASDAQ: FLEX] rose 0.65% to $16.95. The stock’s lowest price that day was $16.76, but it reached a high of $17.06 in the same session. During the last five days, there has been a surge of approximately 3.29%. Over the course of the year, Flex Ltd. shares have dropped approximately -7.53%. Shares of the company reached a 52-week high of $19.30 on 03/31/22 and a 52-week low of $13.63 on 07/05/22. A 50-day SMA is recorded $15.60, while a 200-day SMA reached $16.82. Nevertheless, trading volume fell to 4.04 million shares from 3.46 million shares the previous day.

Support And Resistance Levels for Flex Ltd. (FLEX)

According to the 24-hour chart, there is a support level at 16.79, which, if violated, would cause prices to drop to 16.62. In the upper region, resistance lies at 17.09. The next price resistance is at 17.22. RSI (Relative Strength Index) is 67.77 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.94, which suggests the price will decrease in the coming days. Percent R is at 7.34%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Flex Ltd. subject to short interest?

Stocks of Flex Ltd. saw a sharp rise in short interest on Jul 14, 2022 jumping by 3.24 million shares to 11.52 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 8.28 million shares. A jump of 28.13% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.55 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.55.

Which companies own the most shares of Flex Ltd. (FLEX)?

According to PRIMECAP Management Co. filings, the company currently owns 54,612,570 shares, which is about 11.93% of the total FLEX shares outstanding. The investor’s shares have plunged by -406,880 from its previous 13-F filing of 55019450.0 shares. With the completion of the sale transaction, Wellington Management Co. LLP’s stake is now worth $571,169,549. Janus Henderson Investors US LLC reduced a -0.93% interest valued at $329.39 million while Fidelity Management & Research Co sold a -19,441,272 stake. A total of 1,800,973 shares of Flex Ltd. were sold by Victory Capital Management, Inc. during the quarter, and 150,693 were bought by AllianceBernstein LP. In its current portfolio, Lyrical Asset Management LP holds 13,746,411 shares valued at $198.91 million.

In terms of Flex Ltd. share price expectations, FactSet research, analysts set an average price target of $22.43 in the next 12 months, up nearly 24.7% from the previous closing price of $16.84. Analysts anticipate Flex Ltd. stock to reach $29.00 by 2022, with the lowest price target being $20.00. In spite of this, 10 analysts ranked Flex Ltd. stock as a Buy at the end of 2022. On October 16, 2020, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and upgraded coverage with a $16.

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