Quantum (NASDAQ:QMCO) Shares Gap Up – What’s Next?

Shares of Quantum Corporation (NASDAQ:QMCO) gapped up before the market opened on Thursday. The stock had previously closed at $31.72, but opened at $33.19. Quantum shares last traded at $32.1610, with a volume of 502,466 shares.

Analyst Upgrades and Downgrades

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

Quantum Stock Up 2.5%

The company has a 50 day moving average of $21.19 and a 200-day moving average of $13.41. The stock has a market capitalization of $1.28 billion, a P/E ratio of -2.45 and a beta of 3.14.

Quantum (NASDAQ:QMCO) last released its 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 business 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 analysts forecast that Quantum Corporation will post 0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Quantum

Institutional investors have recently modified their holdings of the business. State Street Corp raised its stake in Quantum by 4.3% during 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 during the period. Squarepoint Ops LLC acquired a new position in Quantum in the second quarter valued at approximately $372,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Quantum during the second quarter valued at approximately $381,000. Alyeska Investment Group L.P. bought a new position in shares of Quantum during the second quarter valued at approximately $29,193,000. Finally, Bank of America Corp DE raised its position 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 worth $1,871,000 after purchasing an additional 149,645 shares during the period. Institutional investors own 63.66% of the company’s stock.

About Quantum

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.