Quantum (NASDAQ:QMCO) Shares Down 11% – Here’s Why

Quantum Corporation (NASDAQ:QMCO) shares were down 11% during trading on Friday. The company traded as low as $18.11 and last traded at $18.4840. Approximately 226,167 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,115,763 shares. The stock had previously closed at $20.77.

Wall Street Analysts Forecast Growth

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

Quantum Stock Down 11.6%

The stock has a market cap of $723.45 million, a price-to-earnings ratio of -1.38 and a beta of 3.08. The business’s 50 day simple moving average is $24.77 and its 200 day simple moving average is $13.03.

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, beating the consensus estimate of ($0.17) by $0.35. The business had revenue of $80.80 million during the quarter, compared to the consensus estimate of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Equities research analysts forecast that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. bought a new position in shares of Quantum in the 2nd quarter valued at $29,193,000. Two Seas Capital LP bought a new position in shares of Quantum during the second quarter worth about $27,374,000. Manatuck Hill Partners LLC bought a new stake in Quantum in the second quarter worth approximately $3,850,000. BlackRock Inc. bought a new stake in Quantum during the 2nd quarter valued at $3,003,000. Finally, Bank of America Corp DE grew its position in 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 in the last quarter. 63.66% of the stock is currently owned by institutional investors and hedge funds.

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.