Flex Ltd (NASDAQ:FLEX) finished Friday with an addition of $0.39 to close at $26.98, an upside of 1.47 percent. An average of 3,783,980 shares of common stock have been traded in the last five days. There was a gain of $1.10 in the past week, and it reached a new high 42 times over the past 12 months. The last 20 days have seen an average of 3,044,430 shares traded, while the 50-day average volume stands at 3,247,888.
FLEX stock has decreased by -1.24% in the last month. The company shares reached their 1-month lowest point of $24.99 on 09/27/23. With the stock rallying to its 52-week high on 07/21/23, shares of the company touched a low of $16.11 and a high of $28.90 in 52 weeks. It has reached a new high 26 times so far this year and achieved 25.72% or $5.52 in price. In spite of this, the price is down -6.64% from the 52-week high.
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Insider Transactions
FLEX stock investors should be aware that Flex Ltd (FLEX) stock had its last reported insider trading activity 12 days ago on Sep 18. In this transaction, the insider spent $1,376,404. Chief Executive Officer, Advaithi Revathi, disposed of 240,000 shares at a price of $27.29 on Jul 31. The insider now owns more than $6,549,264 worth of shares. Prior to that, Group President Tan Kwang Hooi went on to Sale 5,020 shares at $26.97 each on Jun 21. An amount of $135,396 was transacted.
Valuation Metrics
Flex Ltd (FLEX) has a trailing price-to-earnings (P/E) ratio of 15.65. The stock’s beta is 1.44. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 0.40, the price-to-book (PB) ratio at 2.24, and the price-to-cash flow ratio at 51.77.
Financial Health
The quick ratio of Flex Ltd for the three months ended June 29 was 0.75, and the current ratio was 1.46, indicating that the company is not able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.73 and a total debt to equity ratio of 0.76 for the quarter ending June 29. Its gross profit as reported stood at $2.27 billion compared to revenue of $30.35 billion.
Earnings Surprise
For the three-month period that ended June 29, Flex Ltd had $3.44 billion in total debt. In the quarter under review, the net income was down than the previous quarter. The company posted a net income of $186.0 million in the quarter, while revenues were shrunk -1.61%. The analyst consensus anticipated Flex Ltd’s latest quarter earnings to come in at $0.51 per share, but it turned out to be $0.57, a 11.80% surprise. For the quarter, EBITDA amounted to $424.0 million. Shareholders own equity worth $446.63 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Flex Ltd (FLEX) price momentum. RSI 9-day as of the close on 29 September was 63.81%, suggesting the stock is Neutral, with historical volatility in this time frame at 33.72%.
As of today, FLEX’s price is $25.95 +4.25% or $1.10 from its 5-day moving average. FLEX is currently trading -2.21% lower than its 20-day SMA and +29.52% higher than its 100-day SMA. However, the stock’s current price level is -4.87% below the SMA50 and +19.65% above the SMA200.
The stochastic %K and %D were 65.83% and 39.03%, respectively, and the average true range (ATR) was 0.64. With the 14-day stochastic at 90.89% and the average true range at 0.62, the RSI (14) stands at 58.02%. The stock has reached 0.39 on the 9-day MACD Oscillator while the 14-day reading was at 0.33.
Analyst Ratings
Barclays launched coverage on Flex Ltd (NASDAQ: FLEX) in its analyst report released on September 07, 2023. The firm assigned the stock an Overweight rating. The consensus rating for Flex Ltd (FLEX) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell FLEX, while 2 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 7 others rate it as a “buy”.
What is FLEX’s price target for the next 12 months?
Analysts predict a range of price targets between $31.00 and $35.00, with a median target of $32.00. Taking a look at these predictions, the average price target given by analysts for Flex Ltd (FLEX) stock is $32.71.
