Checking in on Flex Ltd. (FLEX) after recent insiders movement

Flex Ltd.’s recent filing unveils that its Chief Executive Officer Advaithi Revathi unloaded Company’s shares for reported $6.55 million on Jul 31. In the deal valued at $27.29 per share,240,000 shares were sold. As a result of this transaction, Advaithi Revathi now holds 1,585,268 shares worth roughly $ 43.61 million.

Then, Tan Kwang Hooi sold 5,020 shares, generating $135,396 in total proceeds. Upon selling the shares at $26.97, the Group President now owns 144,208 shares.

Before that, Tan Kwang Hooi sold 3,602 shares. Flex Ltd. shares valued at $96,544 were divested by the Group President at a price of $26.80 per share. As a result of the transaction, Tan Kwang Hooi now holds 149,228 shares, worth roughly $4.11 million.

PT values the company’s stock at a premium of 8.3 to its Friday closing price.

Price Performance Review of FLEX

On Friday, Flex Ltd. [NASDAQ:FLEX] saw its stock fall -0.29% to $27.51. On the same session, the stock had its day’s lowest price of $27.43, but rose to a high of $27.79. Over the last five days, the stock has gained 5.24%. Flex Ltd. shares have risen nearly 28.19% since the year began. Nevertheless, the stocks have risen 54.46% over the past one year. While a 52-week high of $28.90 was reached on 07/21/23, a 52-week low of $16.11 was recorded on 04/27/23. SMA at 50 days reached $27.19, while 200 days put it at $23.86. A total of 3.37 million shares were traded, compared to the trading of 2.98 million shares in the previous session.

Levels Of Support And Resistance For FLEX Stock

The 24-hour chart illustrates a support level at 27.36, which if violated will result in even more drops to 27.22. On the upside, there is a resistance level at 27.72. A further resistance level may holdings at 27.94. The Relative Strength Index (RSI) on the 14-day chart is 58.37, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.99, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 16.38%. Stochastics %K at 85.97% indicates the stock is a selling.

How much short interest is there in Flex Ltd.?

A steep rise in short interest was recorded in Flex Ltd. stocks on Aug 14, 2023, dropping by -0.79 million shares to a total of 4.8 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 5.59 million shares. There was a decline of -16.46%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.22% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.22.

Flex Ltd. [FLEX] – Who Are The Largest Shareholders?

In filings from PRIMECAP Management Co., it is revealed that the company now owns 47,140,474 shares, or roughly 10.63% of the outstanding FLEX shares. In other words, the investor’s shares have fallen by -2,237,390 from its previous 13-F filing of 49377864.0. Additionally, Fidelity Management & Research Co increased 36.89% of its stake after which the total value it holdings stand at $1,134,157,254, while Wellington Management Co. LLP reduced -0.63% of its stake to hold $740.4 million in the firm. Over the last quarter, Janus Henderson Investors US LLC sold -932,385 shares of Flex Ltd., while Victory Capital Management, Inc. sold 446,308 shares. At present, AllianceBernstein LP is holding 16,592,333 shares valued at $453.97 million. Invesco Advisers, Inc. owned 10,222,128 shares of the company at the time of its most recent 13F filing, worth $279.68 million.

According to FactSet, Flex Ltd.’s share price will average $32.86 in the next year, based on opinions of analysts polled by the firm. This is up nearly 15.98 percent from its previous closing price of $27.59. Analysts expect Flex Ltd. stock to reach the higher price of $36.00, while the lowest price estimate is $31.00. However, 10 analysts have rated FLEX stock as a Buy in their predictions for 2023.