Quantum (NASDAQ:QMCO) Shares Down 5.4% – Here’s Why

Quantum Corporation (NASDAQ:QMCO) dropped 5.4% during trading on Wednesday. The stock traded as low as $18.32 and last traded at $17.9740. 341,895 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,106,335 shares. The stock had previously closed at $18.99.

Analyst Ratings Changes

QMCO has been the topic of several recent research reports. Lake Street Capital set a $29.00 target price on shares of Quantum and gave the stock a “buy” rating in a research note on Monday, September 14th. Wall Street Zen raised shares of Quantum from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Northland Securities upgraded shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price target for the company in a research note on Tuesday, August 11th. Litchfield Hills Research initiated coverage on Quantum in a research report on Monday, August 10th. They set a “buy” rating on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum in a research note on Monday, September 21st. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Quantum Stock Down 6.4%

The stock has a fifty day moving average of $25.47 and a 200-day moving average of $15.58. The stock has a market capitalization of $700.39 million, a price-to-earnings ratio of -1.35 and a beta of 3.08.

Quantum (NASDAQ:QMCO) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.18 earnings per share 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 analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. On average, equities analysts forecast that Quantum Corporation will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum

A number of institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in Quantum by 4.3% during the 2nd quarter. State Street Corp now owns 75,914 shares of the company’s stock worth $835,000 after purchasing an additional 3,100 shares during the period. R Squared Ltd acquired a new position in Quantum in the first quarter valued at $58,000. Squarepoint Ops LLC acquired a new position in Quantum in the second quarter valued at $372,000. Susquehanna Fundamental Investments LLC acquired a new position in Quantum in the second quarter valued at $381,000. Finally, Man Group plc purchased a new stake in shares of Quantum in the second quarter valued at about $755,000. 63.66% of the stock is owned by institutional investors and hedge funds.

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 customers include businesses, media and entertainment companies, government agencies, research institutions and other organizations that require long-term data preservation, rapid access and secure information management.

The company’s portfolio includes tape libraries and drives based on Linear Tape-Open (LTO) technology, disk-based backup and deduplication systems, and software for managing files, objects and data workflows.