Quantum (NASDAQ:QMCO) Stock Jumps 7.1% – Time to Buy?

Quantum Corporation (NASDAQ:QMCO) shares rose 7.1% during mid-day trading on Tuesday. The stock traded as high as $33.98 and last traded at $33.64. Approximately 635,916 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 1,037,310 shares. The stock had previously closed at $31.40.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on QMCO. Litchfield Hills Research began coverage on Quantum in a research report on Monday, August 10th. They set a “buy” rating for the company. Needham & Company LLC started coverage on Quantum in a research report on Wednesday, June 3rd. They issued a “buy” rating on the stock. Lake Street Capital set a $29.00 target price on Quantum and gave the stock a “buy” rating in a research note on Monday, September 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum in a report on Monday, September 21st. Finally, Wall Street Zen raised shares of Quantum from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Quantum has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Quantum Stock Performance

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -2.40 and a beta of 3.14. The company has a fifty day simple moving average of $21.19 and a 200 day simple moving average of $13.41.

Quantum (NASDAQ:QMCO) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate 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. As a group, equities analysts predict that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Institutional Trading of Quantum

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in shares of Quantum by 4.3% in the 2nd quarter. State Street Corp now owns 75,914 shares of the company’s stock worth $835,000 after acquiring an additional 3,100 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Quantum during the second quarter worth approximately $372,000. Susquehanna Fundamental Investments LLC acquired a new stake in Quantum during the second quarter worth approximately $381,000. Alyeska Investment Group L.P. bought a new stake in Quantum in the second quarter worth approximately $29,193,000. Finally, Bank of America Corp DE increased 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 worth $1,871,000 after purchasing an additional 149,645 shares in the last quarter. Institutional investors own 63.66% of the company’s stock.

Quantum Company Profile

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.