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

Shares of Quantum Corporation (NASDAQ:QMCO) gapped down before the market opened on Monday . The stock had previously closed at $26.11, but opened at $24.83. Quantum shares last traded at $24.8750, with a volume of 685,511 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on QMCO. Litchfield Hills Research initiated coverage on shares of Quantum in a report on Monday, August 10th. They issued a “buy” rating for the company. Needham & Company LLC began coverage on shares of Quantum in a report on Wednesday, June 3rd. They set a “buy” rating on the stock. Northland Securities raised shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a research report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum in a research note on Wednesday, June 24th. Finally, Lake Street Capital reissued a “buy” rating and issued a $24.00 price objective (up from $20.00) on shares of Quantum in a research note on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Quantum Trading Down 3.8%

The firm has a 50-day simple moving average of $12.68 and a 200-day simple moving average of $8.95. The firm has a market cap of $990.29 million, a P/E ratio of -1.90 and a beta of 2.97.

Quantum (NASDAQ:QMCO) last released its quarterly earnings results on Monday, August 10th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.35. The company had revenue of $80.80 million during the quarter, compared to the consensus estimate of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Research analysts predict that Quantum Corporation will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Quantum

Several hedge funds have recently modified their holdings of the company. Two Seas Capital LP bought a new stake in shares of Quantum in the 2nd quarter valued at about $27,374,000. Manatuck Hill Partners LLC bought a new position in shares of Quantum during the 2nd quarter worth approximately $3,850,000. Vanguard Group Inc. lifted its position in Quantum by 18.3% during the third quarter. Vanguard Group Inc. now owns 303,597 shares of the company’s stock valued at $3,012,000 after acquiring an additional 46,919 shares during the last quarter. BlackRock Inc. acquired a new stake in Quantum in the second quarter valued at approximately $3,003,000. Finally, Marshall Wace LLP acquired a new stake in Quantum in the second quarter valued at approximately $1,775,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

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.