Quantum (NASDAQ:QMCO) Shares Down 1.1% – Here’s Why

Quantum Corporation (NASDAQ:QMCO)’s stock price fell 1.1% during mid-day trading on Thursday . The company traded as low as $14.61 and last traded at $15.78. 3,851,667 shares traded hands during mid-day trading, an increase of 285% from the average session volume of 1,001,631 shares. The stock had previously closed at $15.95.

Analyst Ratings Changes

A number of brokerages recently issued reports on QMCO. Lake Street Capital restated a “buy” rating and issued a $20.00 price target (up from $8.00) on shares of Quantum in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Quantum from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Needham & Company LLC began coverage on shares of Quantum in a research note on Wednesday. They issued a “buy” rating for the company. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.67.

Quantum Stock Down 19.5%

The firm’s 50 day simple moving average is $8.02 and its two-hundred day simple moving average is $7.17. The stock has a market cap of $185.93 million, a P/E ratio of -5.38 and a beta of 2.97.

Institutional Trading of Quantum

Institutional investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC bought a new stake in Quantum during the third quarter valued at $225,000. NBC Securities Inc. acquired a new position in shares of Quantum during the fourth quarter valued at $26,000. R Squared Ltd acquired a new position in shares of Quantum during the first quarter valued at $58,000. Bank of America Corp DE boosted its holdings in shares of Quantum by 337.5% during the third quarter. Bank of America Corp DE now owns 2,896 shares of the company’s stock valued at $29,000 after acquiring an additional 2,234 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Quantum in the 2nd quarter worth about $46,000. Institutional investors own 63.66% of the company’s stock.

About Quantum

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.