Millennium Management LLC increased its stake in shares of Flex Ltd (NASDAQ:FLEX) by 506.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,326,663 shares of the technology company’s stock after acquiring an additional 1,942,769 shares during the period. Millennium Management LLC owned 0.46% of Flex worth $24,348,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new position in Flex in the 2nd quarter worth $25,000. Shine Investment Advisory Services Inc. grew its position in shares of Flex by 33.6% in the second quarter. Shine Investment Advisory Services Inc. now owns 4,071 shares of the technology company’s stock valued at $39,000 after purchasing an additional 1,024 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of Flex in the second quarter worth about $40,000. Point72 Asset Management L.P. bought a new position in shares of Flex in the second quarter worth about $40,000. Finally, Dynamic Capital Management Ltd bought a new position in shares of Flex in the third quarter worth about $109,000. 93.71% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Christopher Collier sold 35,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $11.72, for a total transaction of $410,200.00. Following the completion of the transaction, the chief financial officer now owns 1,214,143 shares of the company’s stock, valued at $14,229,755.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is currently owned by corporate insiders.
Several analysts recently weighed in on the company. Zacks Investment Research upgraded Flex from a “strong sell” rating to a “hold” rating and set a $8.75 target price for the company in a research note on Wednesday, September 25th. ValuEngine lowered Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Finally, BidaskClub raised Flex from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.58.
Shares of FLEX stock opened at $11.65 on Tuesday. Flex Ltd has a 1 year low of $7.16 and a 1 year high of $12.54. The firm’s fifty day simple moving average is $11.47 and its 200 day simple moving average is $10.33. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 1.24.
Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, October 24th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.39. The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $6.29 billion. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The business’s revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 EPS. On average, analysts anticipate that Flex Ltd will post 0.35 earnings per share for the current year.
Flex Company Profile
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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