Quantum Corporation (NASDAQ:QMCO) Short Interest Up 111.7% in June

Quantum Corporation (NASDAQ:QMCO) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 2,146,146 shares, an increase of 111.7% from the June 15th total of 1,013,568 shares. Approximately 5.5% of the shares of the company are sold short. Based on an average trading volume of 1,217,407 shares, the days-to-cover ratio is presently 1.8 days.

Analyst Ratings Changes

Several research firms have recently weighed in on QMCO. Northland Securities cut shares of Quantum from an “outperform” rating to a “market perform” rating and set a $13.00 price objective for the company. in a report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a report on Wednesday, June 24th. Needham & Company LLC began coverage on shares of Quantum in a research report on Wednesday, June 3rd. They issued a “buy” rating for the company. Finally, Lake Street Capital reiterated a “buy” rating on shares of Quantum in a research note on Friday, June 26th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.67.

Institutional Trading of Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. bought a new position in Quantum in the fourth quarter worth approximately $26,000. Bank of America Corp DE grew its position in shares of Quantum by 337.5% during the 3rd quarter. Bank of America Corp DE now owns 2,896 shares of the company’s stock valued at $29,000 after acquiring an additional 2,234 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Quantum by 322.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,461 shares of the company’s stock worth $34,000 after purchasing an additional 2,641 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Quantum in the 2nd quarter worth $46,000. Finally, R Squared Ltd bought a new position in Quantum in the 1st quarter worth $58,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

Quantum Stock Down 6.8%

Quantum stock opened at $9.60 on Friday. The business has a 50-day simple moving average of $11.21 and a two-hundred day simple moving average of $8.03. The company has a market cap of $378.05 million, a P/E ratio of -1.19 and a beta of 2.95. Quantum has a 52-week low of $4.19 and a 52-week high of $18.48.

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.