Quantum (NASDAQ:QMCO) Stock Price Down 8.5% – Here’s What Happened

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

Analysts Set New Price Targets

QMCO has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum in a research note on Wednesday, June 24th. Litchfield Hills Research assumed coverage on shares of Quantum in a research report on Monday, August 10th. They set a “buy” rating for the company. Northland Securities raised shares of 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. Wall Street Zen upgraded Quantum from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Needham & Company LLC assumed coverage on Quantum in a research note on Wednesday, June 3rd. They set a “buy” rating for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Quantum Trading Down 6.0%

The company has a market capitalization of $807.51 million, a PE ratio of -1.55 and a beta of 2.97. The stock has a fifty day moving average of $13.47 and a two-hundred day moving average of $9.40.

Quantum (NASDAQ:QMCO) last issued its earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.35. The firm 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. Equities analysts forecast that Quantum Corporation will post -0.28 EPS for the current year.

Hedge Funds Weigh In On Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QMCO. Geode Capital Management LLC lifted its stake 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 last quarter. Marshall Wace LLP bought a new position in shares of Quantum during the second quarter valued at about $1,775,000. Raymond James Financial Inc. bought a new position in shares of Quantum during the second quarter valued at about $46,000. Vanguard Group Inc. increased its holdings in shares of Quantum by 18.3% in the third quarter. Vanguard Group Inc. now owns 303,597 shares of the company’s stock worth $3,012,000 after buying an additional 46,919 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings 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 buying an additional 2,641 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.