Do Hedge Funds Love Flex Ltd (FLEX)?

Because Flex Ltd (NASDAQ:FLEX) has witnessed falling interest from the smart money, it’s safe to say that there is a sect of fund managers that elected to cut their positions entirely in the third quarter. Intriguingly, Phill Gross and Robert Atchinson’s Adage Capital Management dropped the biggest stake of the 700 funds tracked by Insider Monkey, worth close to $5.3 million in call options. Ken Griffin’s fund, Citadel Investment Group, also dumped its call options., about $1.5 million worth. These moves are interesting, as total hedge fund interest was cut by 2 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Flex Ltd (NASDAQ:FLEX). These stocks are Rollins, Inc. (NYSE:ROL), Liberty Media Corp (NASDAQ:LMCA), Omega Healthcare Investors Inc (NYSE:OHI), and Liberty Media Corp (NASDAQ:LMCK). All of these stocks’ market caps are closest to FLEX’s market cap.

As you can see these stocks had an average of 17.5 hedge funds with bullish positions and the average amount invested in these stocks was $333 million. That figure was $1.35 billion in FLEX’s case. Liberty Media Corp (NASDAQ:LMCA) is the most popular stock in this table. On the other hand Rollins, Inc. (NYSE:ROL) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Flex Ltd (NASDAQ:FLEX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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