Quantum (NASDAQ:QMCO) Stock Price Up 9% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO) shares were up 9% during trading on Monday. The company traded as high as $18.56 and last traded at $19.2080. Approximately 387,526 shares changed hands during trading, a decline of 65% from the average daily volume of 1,118,747 shares. The stock had previously closed at $17.62.

Analyst Upgrades and Downgrades

QMCO has been the subject of several analyst reports. Litchfield Hills Research initiated coverage on Quantum in a research note on Monday, August 10th. They issued 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 objective for the company in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum in a research report on Monday, September 21st. Wall Street Zen upgraded Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, 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. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Quantum has an average rating of “Moderate Buy” and a consensus target price of $27.33.

Quantum Stock Performance

The stock has a market capitalization of $813.03 million, a price-to-earnings ratio of -1.56 and a beta of 3.08. The business has a 50-day moving average of $24.85 and a 200-day moving average of $12.90.

Quantum (NASDAQ:QMCO) last released its quarterly earnings data 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 business 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, research analysts predict that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quantum

A number of hedge funds have recently made changes to their positions in QMCO. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum in the second quarter valued at about $29,193,000. Two Seas Capital LP acquired a new stake in shares of Quantum in the 2nd quarter valued at about $27,374,000. Manatuck Hill Partners LLC acquired a new position in shares of Quantum in the 2nd quarter worth approximately $3,850,000. BlackRock Inc. acquired a new position in Quantum in the second quarter worth $3,003,000. Finally, Bank of America Corp DE lifted its holdings in shares of Quantum by 730.5% in the 2nd quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock worth $1,871,000 after purchasing an additional 149,645 shares during the last quarter. Institutional investors and hedge funds own 63.66% of the company’s stock.

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 offerings are designed to help customers store, protect, archive and access information across on-premises, cloud and hybrid environments.

The company’s product portfolio has included Scalar tape libraries and LTO tape storage products, DXi deduplication and backup appliances, and software-defined storage solutions such as ActiveScale object storage.