Quantum (NASDAQ:QMCO) Shares Down 17.1% – Here’s Why

Quantum Corporation (NASDAQ:QMCO)’s share price traded down 17.1% during trading on Thursday. The stock traded as low as $13.90 and last traded at $13.9020. 358,481 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,116,158 shares. The stock had previously closed at $16.77.

Analyst Ratings Changes

A number of research firms have recently commented on QMCO. Wall Street Zen raised Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Cantor Fitzgerald began coverage on shares of Quantum in a research note on Friday, October 23rd. They issued an “overweight” rating and a $29.00 price target on the stock. Northland Securities raised shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a research report on Tuesday, August 11th. Litchfield Hills Research initiated coverage on shares of Quantum in a research note on Monday, August 10th. They set a “buy” rating for the company. Finally, Lake Street Capital set a $29.00 target price on shares of Quantum and gave the stock a “buy” rating in a report on Monday, September 14th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.33.

Quantum Price Performance

The company has a 50 day moving average price of $24.43 and a two-hundred day moving average price of $13.23. The stock has a market cap of $560.76 million, a PE ratio of -1.07 and a beta of 3.23.

Quantum (NASDAQ:QMCO) last released its quarterly earnings data on Monday, August 10th. The company reported $0.18 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 analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. As a group, equities analysts predict that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new stake in Quantum in the second quarter worth approximately $29,193,000. Two Seas Capital LP bought a new position in shares of Quantum during the 2nd quarter valued at $27,374,000. Manatuck Hill Partners LLC bought a new position in shares of Quantum during the 2nd quarter valued at $3,850,000. BlackRock Inc. purchased a new position in shares of Quantum in the 2nd quarter worth $3,003,000. Finally, Bank of America Corp DE boosted its stake in shares of Quantum by 730.5% in the 2nd quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock worth $1,871,000 after buying an additional 149,645 shares during the last quarter. Institutional investors own 63.66% of the company’s stock.

Quantum Company Profile

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.