Stock Traders Purchase High Volume of Flex Put Options (NASDAQ:FLEX)

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Flex Ltd (NASDAQ:FLEX) saw unusually large options trading on Monday. Stock traders purchased 7,827 put options on the stock. This represents an increase of approximately 2,553% compared to the typical daily volume of 295 put options.

FLEX opened at $11.65 on Tuesday. Flex has a 1-year low of $7.16 and a 1-year high of $12.54. The stock has a market cap of $6.03 billion, a P/E ratio of 64.72, a P/E/G ratio of 2.21 and a beta of 1.84. The stock’s 50 day simple moving average is $11.47 and its 200 day simple moving average is $10.33. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.26 and a quick ratio of 0.76.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.39. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $6.29 billion. Flex had a negative return on equity of 6.13% and a negative net margin of 0.71%. Flex’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. Research analysts expect that Flex will post 0.35 EPS for the current fiscal year.

A number of equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price target for the company in a report on Wednesday, September 25th. BidaskClub raised shares of Flex from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, ValuEngine lowered shares of Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $10.58.

In other Flex news, CFO Christopher Collier sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $11.72, for a total transaction of $410,200.00. Following the transaction, the chief financial officer now owns 1,214,143 shares in the company, valued at approximately $14,229,755.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.

Several large investors have recently added to or reduced their stakes in FLEX. Shine Investment Advisory Services Inc. lifted its position in Flex by 33.6% during the second quarter. Shine Investment Advisory Services Inc. now owns 4,071 shares of the technology company’s stock worth $39,000 after buying an additional 1,024 shares during the period. CIBC Private Wealth Group LLC grew its stake in Flex by 1.3% during the third quarter. CIBC Private Wealth Group LLC now owns 96,329 shares of the technology company’s stock worth $1,009,000 after buying an additional 1,203 shares during the period. Comerica Bank increased its position in shares of Flex by 2.3% in the third quarter. Comerica Bank now owns 55,102 shares of the technology company’s stock worth $573,000 after acquiring an additional 1,216 shares in the last quarter. Cerebellum GP LLC increased its position in shares of Flex by 4.0% in the third quarter. Cerebellum GP LLC now owns 38,742 shares of the technology company’s stock worth $405,000 after acquiring an additional 1,473 shares in the last quarter. Finally, World Asset Management Inc raised its stake in shares of Flex by 6.4% in the 2nd quarter. World Asset Management Inc now owns 25,567 shares of the technology company’s stock valued at $245,000 after acquiring an additional 1,536 shares during the period. 93.71% of the stock is owned by institutional investors and hedge funds.

About 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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