Quantum (NASDAQ:QMCO) Hits New 12-Month High Following Analyst Upgrade

Quantum Corporation (NASDAQ:QMCO) shares hit a new 52-week high on Wednesday after Northland Securities upgraded the stock from a market perform rating to an outperform rating. Northland Securities now has a $24.00 price target on the stock. Quantum traded as high as $19.60 and last traded at $19.40, with a volume of 16482578 shares trading hands. The stock had previously closed at $11.78.

A number of other analysts have also recently commented on the company. Litchfield Hills Research began coverage on Quantum in a research report on Monday. They set a “buy” rating on the stock. Lake Street Capital reissued a “buy” rating and issued a $24.00 target price (up from $20.00) on shares of Quantum in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a research note on Wednesday, June 24th. Finally, Needham & Company LLC started coverage on Quantum in a research note on Wednesday, June 3rd. They issued a “buy” rating for the company. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Institutional Investors Weigh In On Quantum

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Quantum during the second quarter worth about $3,003,000. Sona Asset Management US LLC purchased a new stake in Quantum during the 1st quarter valued at approximately $333,000. R Squared Ltd purchased a new stake in Quantum during the 1st quarter valued at approximately $58,000. XTX Topco Ltd acquired a new stake in Quantum during the 4th quarter worth approximately $77,000. Finally, Millennium Management LLC acquired a new stake in Quantum during the 4th quarter worth approximately $73,000. Institutional investors and hedge funds own 63.66% of the company’s stock.

Quantum Trading Up 64.7%

The firm has a 50 day simple moving average of $12.11 and a two-hundred day simple moving average of $8.58. The company has a market capitalization of $764.38 million, a PE ratio of -1.47 and a beta of 2.97.

Quantum (NASDAQ:QMCO) last released its earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.35. The company had revenue of $80.80 million during 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 expect that Quantum Corporation will post -0.28 earnings per share for the current fiscal year.

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.