Quantum (NASDAQ:QMCO) Stock Falls 17.1% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Litchfield Hills Research started coverage on Quantum in a report on Monday, August 10th. They set a “buy” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum in a research note on Monday, September 21st. Cantor Fitzgerald started coverage on Quantum in a report on Friday, October 23rd. They set an “overweight” rating and a $29.00 price target on the stock. Northland Securities upgraded Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a report on Tuesday, August 11th. Finally, Lake Street Capital set a $29.00 price objective on shares of Quantum and gave the stock a “buy” rating in a research report on Monday, September 14th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

Quantum Trading Up 5.7%

The stock’s 50-day moving average price is $24.06 and its 200-day moving average price is $13.29. The company has a market cap of $570.26 million, a P/E ratio of -1.09 and a beta of 3.23.

Quantum (NASDAQ:QMCO) last issued its earnings results on Monday, August 10th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.35. The firm had revenue of $80.80 million during the quarter, compared to the consensus estimate 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 Trading of Quantum

Several hedge funds have recently bought and sold shares of QMCO. Alyeska Investment Group L.P. bought a new stake in Quantum during the 2nd quarter valued at $29,193,000. Two Seas Capital LP bought a new position in shares of Quantum in the second quarter valued at $27,374,000. Manatuck Hill Partners LLC acquired a new position in shares of Quantum during the second quarter valued at about $3,850,000. BlackRock Inc. acquired a new position in shares of Quantum during the second quarter valued at about $3,003,000. Finally, Bank of America Corp DE increased its position in shares of Quantum by 730.5% during the second quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock worth $1,871,000 after acquiring an additional 149,645 shares in the last quarter. Institutional investors and hedge funds 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.