Omega Flex (NASDAQ:OFLX) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Omega Flex, Inc. (NASDAQ:OFLX) shares passed 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 trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Omega Flex in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Omega Flex Trading Down 1.6%

The stock’s fifty day moving average is $28.39 and its two-hundred day moving average is $30.03. The firm has a market cap of $257.09 million, a P/E ratio of 21.40 and a beta of 0.45.

Omega Flex (NASDAQ:OFLX) last announced 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OFLX. Punch & Associates Investment Management Inc. bought a new stake in shares of Omega Flex during the 2nd quarter valued at about $1,900,000. Canada Pension Plan Investment Board bought a new stake in shares of Omega Flex during the 2nd quarter worth $217,000. Harber Asset Management LLC bought a new stake in shares of Omega Flex during the 2nd quarter worth $2,016,000. Ieq Capital LLC purchased a new position in Omega Flex in the second quarter worth $358,000. Finally, BlackRock Inc. purchased a new position in Omega Flex in the second quarter worth $8,714,000. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

Omega Flex Company Profile

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.