Plexus Corp. (NASDAQ:PLXS) Sees Large Increase in Short Interest

by · The Markets Daily

Plexus Corp. (NASDAQ:PLXS – Get Free Report) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 517,400 shares, an increase of 21.9% from the August 31st total of 424,300 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily volume of 148,100 shares, the days-to-cover ratio is presently 3.5 days.

Plexus Stock Down 0.1 %

Shares of NASDAQ:PLXS traded down $0.14 during trading on Monday, reaching $136.30. The stock had a trading volume of 67,653 shares, compared to its average volume of 128,227. The firm’s 50-day simple moving average is $124.65 and its 200 day simple moving average is $110.38. The company has a current ratio of 1.47, a quick ratio of 0.64 and a debt-to-equity ratio of 0.07. Plexus has a one year low of $87.21 and a one year high of $138.20. The company has a market capitalization of $3.71 billion, a P/E ratio of 37.69 and a beta of 0.89.

Plexus (NASDAQ:PLXS – Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.17. The firm had revenue of $960.70 million for the quarter, compared to the consensus estimate of $981.32 million. Plexus had a net margin of 2.82% and a return on equity of 9.64%. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the firm posted $1.32 earnings per share. As a group, research analysts expect that Plexus will post 3.74 EPS for the current fiscal year.

Insider Activity at Plexus

In related news, Director Karen Marie Rapp sold 500 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $128.02, for a total transaction of $64,010.00. Following the completion of the sale, the director now owns 9,586 shares of the company’s stock, valued at approximately $1,227,199.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Karen Marie Rapp sold 500 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $128.02, for a total transaction of $64,010.00. Following the completion of the sale, the director now directly owns 9,586 shares in the company, valued at $1,227,199.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Victor (Pang Hau) Tan sold 1,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $127.50, for a total value of $127,500.00. Following the transaction, the insider now directly owns 8,605 shares of the company’s stock, valued at approximately $1,097,137.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,769 shares of company stock worth $2,731,834. 2.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plexus

A number of institutional investors and hedge funds have recently bought and sold shares of PLXS. Norges Bank acquired a new stake in shares of Plexus in the fourth quarter worth approximately $19,533,000. Trexquant Investment LP acquired a new position in Plexus during the 4th quarter valued at about $915,000. Parallel Advisors LLC increased its position in Plexus by 72.3% in the 4th quarter. Parallel Advisors LLC now owns 348 shares of the technology company’s stock valued at $38,000 after acquiring an additional 146 shares during the period. TFO Wealth Partners LLC boosted its holdings in Plexus by 86,050.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,723 shares of the technology company’s stock worth $186,000 after buying an additional 1,721 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its holdings in Plexus by 294.9% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 9,670 shares of the technology company’s stock worth $1,046,000 after buying an additional 7,221 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PLXS has been the subject of a number of recent research reports. Needham & Company LLC boosted their price objective on shares of Plexus from $114.00 to $144.00 and gave the company a “buy” rating in a report on Friday, July 26th. Benchmark raised their price objective on Plexus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $124.00.

Read Our Latest Stock Report on PLXS

Plexus Company Profile

(Get Free Report)

Plexus Corp. provides electronic manufacturing services in the United States and internationally. It offers design, develop, supply chain, new product introduction, and manufacturing solutions, as well as sustaining services to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors.

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