Quantum (NASDAQ:QMCO) Stock Price Up 7.1% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s stock price traded up 7.1% during trading on Tuesday. The stock traded as high as $33.98 and last traded at $33.64. 635,916 shares were traded during trading, a decline of 39% from the average session volume of 1,037,310 shares. The stock had previously closed at $31.40.

Analysts Set New Price Targets

A number of research firms have commented on QMCO. Litchfield Hills Research began coverage on shares of Quantum in a report on Monday, August 10th. They set a “buy” rating for the company. 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 research report on Tuesday, August 11th. Needham & Company LLC began coverage on Quantum in a research note on Wednesday, June 3rd. They set a “buy” rating for the company. Lake Street Capital set a $29.00 price objective on Quantum and gave the company a “buy” rating in a report on Monday, September 14th. Finally, Wall Street Zen raised Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Quantum Stock Up 6.4%

The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -2.52 and a beta of 3.14. The business’s fifty day moving average is $20.36 and its 200 day moving average is $13.03.

Quantum (NASDAQ:QMCO) last announced 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 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 research analysts expect that Quantum Corporation will post 0.31 EPS for the current year.

Hedge Funds Weigh In On Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of QMCO. R Squared Ltd acquired a new position in shares of Quantum during the 1st quarter worth approximately $58,000. Sona Asset Management US LLC bought a new position in Quantum during the first quarter worth $333,000. Squarepoint Ops LLC bought a new position in Quantum during the second quarter worth $372,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Quantum in the second quarter valued at $381,000. Finally, Man Group plc acquired a new position in shares of Quantum in the second quarter valued at $755,000. Institutional investors own 63.66% of the company’s stock.

Quantum Company Profile

Quantum Corporation (NASDAQ: QMCO) is a data storage and management company that provides technology for organizations handling large volumes of digital content. Its solutions are designed to help customers store, protect, manage and access unstructured data, including video, images, scientific information and other content-intensive files.

The company’s product portfolio has included Scalar tape libraries and tape storage systems, DXi deduplication appliances, and software for data backup, archiving and disaster recovery.