Quantum (NASDAQ:QMCO) Stock Price Up 8.4% – Time to Buy?

Shares of Quantum Corporation (NASDAQ:QMCO) rose 8.4% during mid-day trading on Tuesday. The stock traded as high as $18.31 and last traded at $18.1380. Approximately 76,922 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,117,678 shares. The stock had previously closed at $16.73.

Wall Street Analysts Forecast Growth

Several analysts recently commented on QMCO shares. Wall Street Zen raised Quantum from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Cantor Fitzgerald began coverage on Quantum in a research report on Friday, October 23rd. They issued an “overweight” rating and a $29.00 price objective on the stock. Lake Street Capital set a $29.00 price objective on shares of Quantum and gave the stock a “buy” rating in a research note on Monday, September 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum in a report on Monday, September 21st. Finally, Litchfield Hills Research started coverage on shares of Quantum in a report on Monday, August 10th. They set a “buy” rating on the stock. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

Quantum Stock Down 18.4%

The firm has a 50-day moving average price of $24.43 and a two-hundred day moving average price of $13.23. The firm has a market cap of $539.52 million, a PE ratio of -1.03 and a beta of 3.23.

Quantum (NASDAQ:QMCO) last released its earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.35. The business had revenue of $80.80 million for the quarter, compared to analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Research analysts forecast that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its position in Quantum by 4.3% during the second quarter. State Street Corp now owns 75,914 shares of the company’s stock worth $835,000 after buying an additional 3,100 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Quantum in the 2nd quarter valued at $372,000. Susquehanna Fundamental Investments LLC purchased a new stake in Quantum in the 2nd quarter valued at $381,000. Alyeska Investment Group L.P. purchased a new stake in Quantum in the 2nd quarter valued at $29,193,000. Finally, Bank of America Corp DE grew its holdings in Quantum by 730.5% in the 2nd quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock valued at $1,871,000 after buying an additional 149,645 shares in the last quarter. 63.66% of the stock is currently owned by institutional investors and hedge funds.

About Quantum

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.