Omega Flex (NASDAQ:OFLX) Stock Price Crosses Below 200 Day Moving Average - Here's Why

Key Points

• Omega Flex shares fell below their 200-day moving average, trading as low as $26.06 versus the $30.10 average, and last changing hands at $26.30.
• Analyst sentiment remains negative: Weiss Ratings reiterated a “sell (d+)” rating, and the stock has an overall average rating of “Sell” from one analyst.
• The company reported quarterly EPS of $0.27 on revenue of $24.06 million, with a 12.27% net margin; institutional investors currently own 36.06% of outstanding shares.

Shares of Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $30.10 and traded as low as $26.06. Omega Flex shares last traded at $26.30, with a volume of 33,031 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "sell (d+)" rating on shares of Omega Flex in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of "Sell".

Omega Flex Trading Down 1.8%

The company's fifty day simple moving average is $28.45 and its 200 day simple moving average is $30.10. The stock has a market capitalization of $265.37 million, a P/E ratio of 22.10 and a beta of 0.45.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.27 EPS for the quarter. The firm had revenue of $24.06 million during the quarter. Omega Flex had a net margin of 12.27% and a return on equity of 14.26%.

Hedge Funds Weigh In On Omega Flex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp purchased a new stake in shares of Omega Flex in the 1st quarter valued at about $46,000. Versant Capital Management Inc boosted its position in shares of Omega Flex by 912.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company's stock valued at $52,000 after acquiring an additional 1,505 shares during the last quarter. Deutsche Bank AG purchased a new position in shares of Omega Flex during the second quarter worth about $121,000. Canada Pension Plan Investment Board purchased a new position in shares of Omega Flex during the second quarter worth about $217,000. Finally, Ieq Capital LLC bought a new position in shares of Omega Flex in the second quarter worth approximately $358,000. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

About Omega Flex

Omega Flex, Inc is a manufacturer of flexible metal tubing and related products used primarily in gas piping applications. The company's products are designed to provide an alternative to rigid piping and are used to distribute natural gas and propane in residential, commercial, and industrial buildings.

Its product portfolio includes corrugated stainless steel tubing systems marketed under brands such as TracPipe and CounterStrike, along with associated fittings, manifolds, termination components, and installation accessories.

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