Quantum (NASDAQ:QMCO) Trading Down 8.5% – What’s Next?

Shares of Quantum Corporation (NASDAQ:QMCO) dropped 8.5% on Wednesday . The company traded as low as $21.83 and last traded at $21.5210. Approximately 480,229 shares were traded during trading, a decline of 50% from the average daily volume of 959,610 shares. The stock had previously closed at $23.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on QMCO shares. Wall Street Zen raised shares of Quantum from a “hold” rating to a “buy” rating in a research note on Saturday. Lake Street Capital reaffirmed a “buy” rating and set a $24.00 price target (up from $20.00) on shares of Quantum in a research report on Tuesday, August 11th. Litchfield Hills Research assumed coverage on Quantum in a report on Monday, August 10th. They issued a “buy” rating for the company. Northland Securities raised 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a research note on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Quantum currently has an average rating of “Moderate Buy” and an average price target of $24.00.

Quantum Price Performance

The company’s 50-day simple moving average is $13.14 and its 200-day simple moving average is $9.19. The company has a market cap of $871.20 million, a price-to-earnings ratio of -1.67 and a beta of 2.97.

Quantum (NASDAQ:QMCO) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.35. The firm 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. Equities analysts predict that Quantum Corporation will post -0.28 EPS for the current fiscal year.

Institutional Trading of Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE grew 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 worth $29,000 after buying an additional 2,234 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Quantum by 322.1% in the third 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. NBC Securities Inc. acquired a new position in shares of Quantum during the fourth quarter valued at $26,000. Raymond James Financial Inc. bought a new stake in shares of Quantum during the second quarter valued at about $46,000. Finally, Geode Capital Management LLC lifted its holdings in Quantum by 9.1% in the second quarter. Geode Capital Management LLC now owns 69,384 shares of the company’s stock worth $692,000 after purchasing an additional 5,806 shares during the period. Institutional investors own 63.66% of the company’s stock.

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.