A company insider recently sold 56,868 shares of Flex Ltd. [FLEX]. Should You Sale?

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Flex Ltd. shares valued at $1,003,095 were sold by Lundstrom Paul on Sep 16. At $17.64 per share, Lundstrom Paul sold 56,868 shares. The insider’s holdings dropped to 326,798 shares worth approximately $5.7 million following the completion of this transaction.

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Also, OFFER DAVID SCOTT sold 120,000 shares, netting a total of over 2,303,280 in proceeds. Following the sale of shares at $19.19 each, the insider now holds 262,164 shares.

Before that, OFFER DAVID SCOTT had sold 6,655 shares from its account. In a trade valued at $97,085, the EVP, General Counsel traded Flex Ltd. shares for $14.59 each. Upon closing the transaction, the insider’s holdings decreased to 6,655 shares, worth approximately $4.59 million.

As published in their initiating research note from Credit Suisse on August 17, 2022, Flex Ltd. [FLEX] has been an Outperform and the price target has been revised to $24. This represents a 27.33% premium over Thursday’s closing price. Analysts at Argus upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in mid May. As of May 06, 2021, Cross Research has increased its “Hold” rating to a “Buy” for FLEX. Earlier on February 26, 2021, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for FLEX stock which previously was a “a Neutral”.

Analyzing FLEX’s Price Performance

On Thursday, Flex Ltd. [NASDAQ: FLEX] plunged -2.41% to $17.44. The stock’s lowest price that day was $17.255, but it reached a high of $17.89 in the same session. During the last five days, there has been a drop of approximately -3.43%. Over the course of the year, Flex Ltd. shares have dropped approximately -4.86%. Shares of the company reached a 52-week high of $19.63 on 09/12/22 and a 52-week low of $13.63 on 07/05/22. A 50-day SMA is recorded $17.39, while a 200-day SMA reached $16.85. Nevertheless, trading volume fell to 2.57 million shares from 3.05 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 17.17, which, if violated, would cause prices to drop to 16.89. In the upper region, resistance lies at 17.80. The next price resistance is at 18.16. RSI (Relative Strength Index) is 44.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.41, which suggests the price will decrease in the coming days. Percent R is at 85.19%, indicating bearish price movement. Stochastics %K at holding 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 54,204,896 shares, which is about 11.89% of the total FLEX shares outstanding. The investor’s shares have plunged by -407,674 from its previous 13-F filing of 54612570.0 shares. With the completion of the sale transaction, Wellington Management Co. LLP’s stake is now worth $640,848,218. Janus Henderson Investors US LLC acquire a 14.35% interest valued at $463.58 million while Fidelity Management & Research Co purchased a 1,041,072 stake. A total of 720,457 shares of Flex Ltd. were bought by AllianceBernstein LP during the quarter, and -240,058 were sold by Victory Capital Management, Inc.. In its current portfolio, Boston Partners Global Investors, holds 13,307,356 shares valued at $237.0 million.

In terms of Flex Ltd. share price expectations, FactSet research, analysts set an average price target of $22.75 in the next 12 months, up nearly 25.91% from the previous closing price of $17.87. Analysts anticipate Flex Ltd. stock to reach $29.00 by 2022, with the lowest price target being $20.00. In spite of this, 11 analysts ranked Flex Ltd. stock as a Buy at the end of 2022. On December 18, 2020, JP Morgan assigned a price target of “a Neutral” to the stock and downgraded coverage with a $17.


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