What's Going On With Flex Ltd Stock?
Portfolio Pulse from Erica Kollmann
Flex Ltd. (NASDAQ:FLEX) shares rose after announcing the completion of the spin-off of its remaining interest in Nextracker Inc. (NASDAQ:NXT) to Flex shareholders. Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for each Flex share held, with a total of 74,432,619 Nextracker shares distributed. Flex no longer holds Nextracker stock. Flex shares traded higher on heavy volume, more than double the 100-day average.
January 03, 2024 | 5:53 pm
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POSITIVE IMPACT
Flex Ltd. shares increased following the completion of the Nextracker spin-off, with heavy trading volume indicating strong investor interest.
The completion of the spin-off and the heavy trading volume suggest a positive market reaction to the news, which is likely to have a short-term positive impact on Flex Ltd.'s stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Nextracker Inc. has been spun off from Flex Ltd., with shares distributed to Flex shareholders, and will continue trading under the ticker NXT.
Nextracker's spin-off from Flex is a significant corporate action, but the immediate market reaction to Nextracker's stock is not specified, suggesting a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80