Quantum (NASDAQ:QMCO) Stock Falls 8.2% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s share price dropped 8.2% during trading on Wednesday. The stock traded as low as $31.00 and last traded at $30.74. 871,654 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 1,069,004 shares. The stock had previously closed at $33.47.

Analyst Ratings Changes

QMCO has been the topic of a number of recent research reports. Litchfield Hills Research assumed coverage on Quantum in a research note on Monday, August 10th. They issued a “buy” rating on the stock. Lake Street Capital set a $29.00 price objective on Quantum and gave the stock 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 report on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum in a research report on Monday, September 21st. Finally, Northland Securities upgraded shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company in a research note on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Quantum Trading Down 8.2%

The business’s 50 day moving average price is $22.97 and its 200-day moving average price is $14.20. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.33 and a beta of 3.08.

Quantum (NASDAQ:QMCO) last released its earnings results 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 company had revenue of $80.80 million for 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 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum

A number of hedge funds have recently added to or reduced their stakes in QMCO. State Street Corp boosted its stake in Quantum by 4.3% in the second quarter. State Street Corp now owns 75,914 shares of the company’s stock valued at $835,000 after acquiring an additional 3,100 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Quantum in the second quarter worth $372,000. Susquehanna Fundamental Investments LLC purchased a new stake in Quantum in the second quarter valued at approximately $381,000. Alyeska Investment Group L.P. purchased a new position in shares of Quantum in the 2nd quarter worth about $29,193,000. Finally, Bank of America Corp DE grew its holdings in shares of Quantum by 730.5% during the 2nd quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock valued at $1,871,000 after purchasing an additional 149,645 shares during the last quarter. Institutional investors and hedge funds own 63.66% of the company’s stock.

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 customers include businesses, media and entertainment companies, government agencies, research institutions and other organizations that require long-term data preservation, rapid access and secure information management.

The company’s portfolio includes tape libraries and drives based on Linear Tape-Open (LTO) technology, disk-based backup and deduplication systems, and software for managing files, objects and data workflows.