Quantum (NASDAQ:QMCO) Shares Down 5.4% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s stock price fell 5.4% on Wednesday. The stock traded as low as $18.32 and last traded at $17.9740. Approximately 341,895 shares changed hands during trading, a decline of 69% from the average session volume of 1,106,335 shares. The stock had previously closed at $18.99.

Wall Street Analyst Weigh In

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

Quantum Trading Down 3.6%

The business has a 50 day simple moving average of $25.23 and a two-hundred day simple moving average of $15.74. The stock has a market cap of $669.18 million, a price-to-earnings ratio of -1.28 and a beta of 3.08.

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

Institutional Investors Weigh In On Quantum

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in Quantum by 4.3% in the second quarter. State Street Corp now owns 75,914 shares of the company’s stock worth $835,000 after buying an additional 3,100 shares during the period. R Squared Ltd bought a new position in Quantum during the first quarter valued at about $58,000. Squarepoint Ops LLC acquired a new position in shares of Quantum in the 2nd quarter worth approximately $372,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Quantum in the second quarter valued at $381,000. Finally, Man Group plc bought a new position in shares of Quantum in the second quarter valued at $755,000. Institutional investors and hedge funds own 63.66% of the company’s stock.

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 offerings are designed to help customers store, protect, archive and access information across on-premises, cloud and hybrid environments.

The company’s product portfolio has included Scalar tape libraries and LTO tape storage products, DXi deduplication and backup appliances, and software-defined storage solutions such as ActiveScale object storage.