Quantum (NASDAQ:QMCO) Shares Down 4.4% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO) shares dropped 4.4% during trading on Wednesday . The company traded as low as $23.76 and last traded at $23.1150. 80,035 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 969,364 shares. The stock had previously closed at $24.17.

Analysts Set New Price Targets

QMCO has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Northland Securities upgraded shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company in a research note on Tuesday, August 11th. Lake Street Capital reissued a “buy” rating and set a $24.00 price target (up from $20.00) on shares of Quantum in a report on Tuesday, August 11th. Finally, Needham & Company LLC initiated coverage on shares of Quantum in a research report on Wednesday, June 3rd. They set a “buy” rating on the stock. Four 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, Quantum currently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Quantum Price Performance

The business has a fifty day simple moving average of $14.82 and a 200 day simple moving average of $10.36. The firm has a market cap of $901.82 million, a price-to-earnings ratio of -1.73 and a beta of 3.13.

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

Institutional Investors Weigh In On Quantum

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in Quantum by 337.5% in the 3rd quarter. Bank of America Corp DE now owns 2,896 shares of the company’s stock valued at $29,000 after purchasing an additional 2,234 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Quantum by 322.1% during the third quarter. BNP Paribas Financial Markets now owns 3,461 shares of the company’s stock worth $34,000 after buying an additional 2,641 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Quantum during the second quarter worth $46,000. R Squared Ltd acquired a new stake in shares of Quantum in the first quarter valued at $58,000. Finally, Millennium Management LLC acquired a new stake in shares of Quantum in the fourth quarter valued at $73,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

About Quantum

Quantum Corporation (NASDAQ: QMCO) is a technology company that develops and delivers data management and storage solutions for businesses and organizations worldwide. The company’s product portfolio includes hardware, software and cloud-based offerings designed to address backup, archive, primary storage and long-term retention needs. Quantum’s solutions are geared toward data-intensive environments such as media and entertainment, surveillance, government, education and healthcare, where large volumes of digital content must be reliably stored, managed and accessed.

Quantum’s flagship products include the StorNext® data management platform, which provides high-performance shared file storage and workflow acceleration, and the DXi® series of deduplication appliances, which optimize backup and recovery by reducing storage footprints and data transfer times.