Zacks Investment Research downgraded shares of Quantum Corporation (NYSE:QTM) from a hold rating to a sell rating in a report released on Thursday.

According to Zacks, “Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can be certain they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. “

A number of other equities analysts have also weighed in on QTM. BidaskClub lowered Quantum Corporation from a buy rating to a hold rating in a research note on Tuesday, July 25th. Lake Street Capital decreased their target price on Quantum Corporation from $12.00 to $10.00 and set a buy rating on the stock in a research note on Thursday, August 10th.

Quantum Corporation (NYSE:QTM) traded down 1.62% during mid-day trading on Thursday, reaching $6.07. The company had a trading volume of 191,964 shares. The stock has a 50 day moving average price of $5.73 and a 200-day moving average price of $6.33. Quantum Corporation has a 12-month low of $0.70 and a 12-month high of $9.20. The stock has a market capitalization of $209.25 million, a P/E ratio of 58.93 and a beta of 2.41.

Quantum Corporation (NYSE:QTM) last announced its earnings results on Wednesday, August 9th. The technology company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The business had revenue of $116.86 million during the quarter, compared to the consensus estimate of $119.40 million. Quantum Corporation had a negative return on equity of 7.26% and a net margin of 0.64%. The business’s quarterly revenue was up .5% on a year-over-year basis. Equities analysts anticipate that Quantum Corporation will post $0.47 EPS for the current fiscal year.

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In other news, SVP Robert S. Clark sold 61,912 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $8.16, for a total value of $505,201.92. Following the completion of the transaction, the senior vice president now directly owns 74,703 shares in the company, valued at approximately $609,576.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jon W. Gacek sold 12,254 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $5.50, for a total value of $67,397.00. The disclosure for this sale can be found here. Insiders sold a total of 96,959 shares of company stock valued at $752,278 over the last quarter. Company insiders own 8.55% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC purchased a new position in shares of Quantum Corporation in the 2nd quarter worth about $101,000. Royce & Associates LP purchased a new position in shares of Quantum Corporation in the 2nd quarter worth about $102,000. Strs Ohio purchased a new position in shares of Quantum Corporation in the 2nd quarter worth about $113,000. Bank of New York Mellon Corp boosted its holdings in shares of Quantum Corporation by 3.2% in the 1st quarter. Bank of New York Mellon Corp now owns 609,341 shares of the technology company’s stock worth $529,000 after purchasing an additional 19,157 shares in the last quarter. Finally, Bluefin Trading LLC purchased a new position in shares of Quantum Corporation in the 2nd quarter worth about $169,000. Hedge funds and other institutional investors own 64.17% of the company’s stock.

About Quantum Corporation

Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity.

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