Wall Street Zen Downgrades Quantum (NASDAQ:QMCO) to Sell

Quantum (NASDAQ:QMCO) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other research analysts have also issued reports on the stock. Needham & Company LLC set a $20.00 price target on shares of Quantum in a research note on Monday, August 11th. Ascendiant Capital Markets reiterated a “buy” rating on shares of Quantum in a research report on Wednesday, June 18th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Quantum Price Performance

Shares of NASDAQ QMCO opened at $7.43 on Friday. The business has a 50-day simple moving average of $8.34 and a two-hundred day simple moving average of $10.99. Quantum has a fifty-two week low of $2.22 and a fifty-two week high of $90.64.

Hedge Funds Weigh In On Quantum

Several large investors have recently made changes to their positions in QMCO. Bank of America Corp DE grew its position in Quantum by 125,408.3% during the fourth quarter. Bank of America Corp DE now owns 75,305 shares of the company’s stock valued at $4,060,000 after buying an additional 75,245 shares during the period. Jane Street Group LLC purchased a new stake in shares of Quantum during the 4th quarter worth about $1,812,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Quantum during the 4th quarter worth about $272,000. Squarepoint Ops LLC acquired a new stake in shares of Quantum during the 4th quarter valued at about $506,000. Finally, Allianz Asset Management GmbH increased its stake in shares of Quantum by 87.8% in the 1st quarter. Allianz Asset Management GmbH now owns 962,127 shares of the company’s stock valued at $13,835,000 after purchasing an additional 449,711 shares in the last quarter. 63.66% of the stock is currently owned by institutional investors and hedge funds.

About Quantum

Quantum Corporation provides products for storing and managing digital video and unstructured data in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Myriad All-Flash File and Object Storage Software for high performance enterprise unstructured data applications such as AI, machine learning, and data analytics; Unified Surveillance Platform Software that unified compute and storage for video surveillance recording, storage, and analytics; StorNext Hybrid Flash/Disk File Storage Software for video editing, post-production, and streaming applications, as well as digital file archives; and CatDV Asset Management Software for indexing, cataloging, enriching video, audio, and image files, and workflow orchestration.