Quantum (NASDAQ:QMCO) Trading 4.1% Higher – Here’s Why

Quantum Corporation (NASDAQ:QMCO) shares were up 4.1% during mid-day trading on Tuesday . The stock traded as high as $23.99 and last traded at $23.7550. 82,279 shares changed hands during trading, a decline of 92% from the average session volume of 969,264 shares. The stock had previously closed at $22.83.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on QMCO shares. Wall Street Zen upgraded shares of Quantum from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Litchfield Hills Research assumed coverage on shares of Quantum in a research report on Monday, August 10th. They set a “buy” rating on the stock. 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 research note on Tuesday, August 11th. Needham & Company LLC began coverage on shares of Quantum in a report on Wednesday, June 3rd. They issued a “buy” rating for the company. 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. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Quantum Trading Up 1.3%

The company has a fifty day simple moving average of $17.06 and a 200-day simple moving average of $11.52. The company has a market capitalization of $911.16 million, a PE ratio of -1.74 and a beta of 3.14.

Quantum (NASDAQ:QMCO) last issued 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 company 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. On average, equities analysts predict that Quantum Corporation will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum

A number of institutional investors have recently bought and sold shares of QMCO. Squarepoint Ops LLC purchased a new stake in shares of Quantum in the 2nd quarter valued at approximately $372,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Quantum during the 2nd quarter valued at approximately $381,000. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum during the 2nd quarter valued at approximately $29,193,000. Bank of America Corp DE lifted its holdings in Quantum by 730.5% in the second quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock valued at $1,871,000 after acquiring an additional 149,645 shares during the last quarter. Finally, Man Group plc acquired a new position in Quantum in the second quarter valued at approximately $755,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

About Quantum

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.