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

Quantum Corporation (NASDAQ:QMCO) shares gapped down before the market opened on Tuesday. The stock had previously closed at $27.51, but opened at $26.02. Quantum shares last traded at $26.6010, with a volume of 721,372 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on QMCO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum in a research report on Monday, September 21st. Wall Street Zen upgraded Quantum from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Lake Street Capital set a $29.00 price target on Quantum and gave the stock a “buy” rating in a research report on Monday, September 14th. Litchfield Hills Research began coverage on Quantum in a research report on Monday, August 10th. They set a “buy” rating on the stock. Finally, Northland Securities upgraded Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price target for the company in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Quantum Stock Performance

The stock’s fifty day moving average is $24.48 and its two-hundred day moving average is $14.88. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -1.99 and a beta of 3.08.

Quantum (NASDAQ:QMCO) last released its quarterly earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.35. The firm had revenue of $80.80 million for the quarter, compared to analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Sell-side analysts anticipate that Quantum Corporation will post 0.31 earnings per share for the current year.

Institutional Trading of Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of QMCO. State Street Corp lifted its stake in shares of Quantum by 4.3% in the second 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 purchased a new position in Quantum in the second quarter valued at about $372,000. Susquehanna Fundamental Investments LLC purchased a new position in Quantum in the second quarter valued at about $381,000. Alyeska Investment Group L.P. acquired a new stake in Quantum during the 2nd quarter valued at approximately $29,193,000. Finally, Bank of America Corp DE grew its stake in 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 in the last quarter. 63.66% of the stock is owned by hedge funds and other institutional investors.

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.