Quantum (NASDAQ:QMCO) Stock Falls 8.2% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s share price was down 8.2% during mid-day trading on Wednesday. The stock traded as low as $31.00 and last traded at $30.74. 871,654 shares were traded during mid-day trading, a decline of 18% from the average session volume of 1,069,004 shares. The stock had previously closed at $33.47.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on QMCO. Northland Securities upgraded shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a report on Tuesday, August 11th. Wall Street Zen upgraded Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Litchfield Hills Research began coverage on Quantum in a report on Monday, August 10th. They set a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum in a research report on Monday, September 21st. Finally, Lake Street Capital set a $29.00 price objective on Quantum and gave the stock a “buy” rating in a report on Monday, September 14th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.50.

Quantum Price Performance

The firm has a 50-day simple moving average of $23.74 and a 200-day simple moving average of $14.55. The firm has a market capitalization of $1.21 billion, a PE ratio of -2.32 and a beta of 3.08.

Quantum (NASDAQ:QMCO) last announced its earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.35. The business had revenue of $80.80 million for the quarter, compared to the consensus estimate of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Equities analysts expect that Quantum Corporation will post 0.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Man Group plc bought a new position in shares of Quantum in the second quarter worth approximately $755,000. BlackRock Inc. purchased a new position in shares of Quantum during the 2nd quarter valued at $3,003,000. Susquehanna Fundamental Investments LLC bought a new position in Quantum in the 2nd quarter worth $381,000. Alyeska Investment Group L.P. purchased a new stake in Quantum in the 2nd quarter worth $29,193,000. Finally, Squarepoint Ops LLC bought a new stake in Quantum during the second quarter valued at about $372,000. 63.66% of the stock is currently owned by institutional investors.

About Quantum

Quantum Corporation (NASDAQ:QMCO) provides data storage, management and protection solutions for organizations that generate and retain large volumes of unstructured data. Its customers include businesses, media and entertainment companies, government agencies, research institutions and other organizations that require long-term data preservation, rapid access and secure information management.

The company’s portfolio includes tape libraries and drives based on Linear Tape-Open (LTO) technology, disk-based backup and deduplication systems, and software for managing files, objects and data workflows.