Flex (FLEX) Shares Gap Down to $9.28

Shares of Flex Ltd (NASDAQ:FLEX) gapped down before the market opened on Friday . The stock had previously closed at $9.55, but opened at $9.28. Flex shares last traded at $8.94, with a volume of 8882521 shares traded.

A number of analysts have recently issued reports on the company. Zacks Investment Research lowered Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. JPMorgan Chase & Co. raised Flex from a “neutral” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Wednesday. BidaskClub raised Flex from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. Finally, ValuEngine lowered Flex from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $12.33.

The company has a debt-to-equity ratio of 0.81, a current ratio of 1.20 and a quick ratio of 0.71. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 49.67, a PEG ratio of 0.58 and a beta of 1.80.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, April 30th. The technology company reported $0.27 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.27. The firm had revenue of $6.20 billion during the quarter, compared to analyst estimates of $6.41 billion. Flex had a return on equity of 3.03% and a net margin of 0.36%. Flex’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 earnings per share. As a group, sell-side analysts anticipate that Flex Ltd will post 0.98 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Front Row Advisors LLC increased its holdings in Flex by 646.9% in the first quarter. Front Row Advisors LLC now owns 2,547 shares of the technology company’s stock valued at $25,000 after buying an additional 2,206 shares during the last quarter. Willingdon Wealth Management bought a new stake in Flex in the first quarter valued at about $27,000. Whittier Trust Co. of Nevada Inc. increased its holdings in Flex by 119.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 3,825 shares of the technology company’s stock valued at $29,000 after buying an additional 2,084 shares during the last quarter. New Jersey Better Educational Savings Trust bought a new stake in Flex in the first quarter valued at about $100,000. Finally, Cornerstone Advisory LLC bought a new stake in Flex in the first quarter valued at about $103,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

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About Flex (NASDAQ:FLEX)

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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