Quantum Corporation (NYSE:QTM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, October 5th.
According to Zacks, “Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can be certain they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. “
Other equities research analysts have also recently issued reports about the company. BidaskClub cut Quantum Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Lake Street Capital decreased their price target on Quantum Corporation from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 10th.
Quantum Corporation (QTM) opened at 5.89 on Thursday. The stock’s 50 day moving average price is $5.88 and its 200 day moving average price is $6.59. Quantum Corporation has a 52-week low of $0.70 and a 52-week high of $9.20. The firm has a market capitalization of $203.04 million, a price-to-earnings ratio of 57.18 and a beta of 2.41.
Quantum Corporation (NYSE:QTM) last announced its earnings results on Wednesday, August 9th. The technology company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). Quantum Corporation had a negative return on equity of 7.26% and a net margin of 0.64%. The company had revenue of $116.86 million during the quarter, compared to the consensus estimate of $119.40 million. The firm’s quarterly revenue was up .5% on a year-over-year basis. On average, equities analysts anticipate that Quantum Corporation will post $0.47 earnings per share for the current fiscal year.
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In related news, insider Jon W. Gacek sold 5,793 shares of Quantum Corporation stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $6.19, for a total value of $35,858.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.55% of the company’s stock.
Several institutional investors have recently bought and sold shares of QTM. Renaissance Technologies LLC raised its stake in shares of Quantum Corporation by 26.8% during the first quarter. Renaissance Technologies LLC now owns 8,026,252 shares of the technology company’s stock valued at $6,983,000 after acquiring an additional 1,695,300 shares in the last quarter. Lyon Street Capital LLC bought a new stake in shares of Quantum Corporation during the first quarter valued at approximately $525,000. Vanguard Group Inc. raised its stake in shares of Quantum Corporation by 4.3% during the first quarter. Vanguard Group Inc. now owns 9,332,945 shares of the technology company’s stock valued at $8,120,000 after acquiring an additional 383,871 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Quantum Corporation by 94.4% during the first quarter. Goldman Sachs Group Inc. now owns 700,507 shares of the technology company’s stock valued at $609,000 after acquiring an additional 340,079 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its stake in shares of Quantum Corporation by 18.2% during the first quarter. Kennedy Capital Management Inc. now owns 1,982,737 shares of the technology company’s stock valued at $1,725,000 after acquiring an additional 304,844 shares in the last quarter. 64.17% of the stock is owned by hedge funds and other institutional investors.
About Quantum Corporation
Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity.
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