Quantum (NASDAQ:QMCO) Shares Down 4.4% – Should You Sell?

Quantum Corporation (NASDAQ:QMCO) dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $23.76 and last traded at $23.1150. 80,035 shares traded hands during trading, a decline of 92% from the average daily volume of 969,364 shares. The stock had previously closed at $24.17.

Analysts Set New Price Targets

A number of research analysts have recently commented on QMCO shares. Needham & Company LLC began coverage on Quantum in a report on Wednesday, June 3rd. They issued a “buy” rating on the stock. Lake Street Capital reaffirmed a “buy” rating and issued a $24.00 price target (up from $20.00) on shares of Quantum in a report on Tuesday, August 11th. Wall Street Zen raised shares of Quantum from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Northland Securities upgraded shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a research report on Tuesday, August 11th. Finally, Litchfield Hills Research initiated coverage on shares of Quantum in a report on Monday, August 10th. They issued a “buy” rating for the company. Four 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 presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Quantum Trading Up 6.7%

The stock has a market cap of $957.66 million, a PE ratio of -1.84 and a beta of 3.14. The business has a 50 day moving average of $15.24 and a 200-day moving average of $10.61.

Quantum (NASDAQ:QMCO) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.18 earnings per share 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 analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Research analysts expect that Quantum Corporation will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new position in shares of Quantum during the second quarter worth about $29,193,000. Two Seas Capital LP purchased a new stake in shares of Quantum in the second quarter valued at approximately $27,374,000. Manatuck Hill Partners LLC purchased a new stake in shares of Quantum in the second quarter valued at approximately $3,850,000. Vanguard Group Inc. grew its holdings in Quantum by 18.3% during the third quarter. Vanguard Group Inc. now owns 303,597 shares of the company’s stock worth $3,012,000 after acquiring an additional 46,919 shares during the period. Finally, BlackRock Inc. acquired a new position in Quantum during the second quarter worth $3,003,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Quantum Company Profile

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.