OMNIQ Corp (NASDAQ:OMQS) Stock Doubled YTD: What’s The Buzz?

Supply Chain and Artificial Intelligence related solutions provider OMNIQ Corp (NASDAQ:OMQS) has seen its stock emerge as one of the major gainers this year so far.

Market Action

On Friday, OMQS stock ended lower by 0.80% to $9.90 with more than 26k shares, compared to its average volume of 109K shares. The stock has moved within a range of $9.80 – 10.00 after opening trade at $10.

Major Trigger

The stock has managed to deliver gains of as much as 100% in the year so far and it might be the right time for investors to perhaps take a closer look at the stock. As a matter of fact, the company made a key announcement this past Friday that it got around $4 million a renowned third party logistics customer, 3PL, based out of the Midwest as part of a purchase agreement. It was a significant development for the company and one that might lead to further optimism among investors.

It was also announced that as part of this particular agreement, OMNIQ is going to be responsible for supplying computing, communication and collection equipment to 3PL’s customers. It should be noted that all those items are going to be Android based. In this regard, it is perhaps also important to keep in mind that the 3PL customer that the company is going to be supplying to generates revenues of as much as $400 million and employs in excess of 3000 people.

Key Quote

Shai Lustgarten, President & CEO at Quest, commented, “The momentum continuous, concurrent with many opportunities generated by our Dangot Computers new subsidiary, this $3.0 million additional order is yet another example of repeat business, demonstrating the value of omniQ’s existing customer base and the success of our business strategy. Moreover, our Company has built a solid reputation as experts in sophisticated solutions providing our customers cutting edge technology and software.”

Traders Note

OMQS stock is trading above the 20-Day and 50-Day Moving averages of $9.80 and $9.70 respectively. Moreover, the stock is trading above the 200-Day moving average of $9.02. The stock is up 15% over the past 3-month.

Related Posts

About The Author