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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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
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