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

Quantum Corporation (NASDAQ:QMCO) shares gapped down before the market opened on Monday . The stock had previously closed at $22.25, but opened at $21.31. Quantum shares last traded at $20.66, with a volume of 186,439 shares.

Wall Street Analyst Weigh In

QMCO has been the topic of several analyst reports. Litchfield Hills Research started coverage on Quantum in a report on Monday, August 10th. They issued a “buy” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Quantum from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Lake Street Capital reiterated a “buy” rating and set a $24.00 price objective (up from $20.00) on shares of Quantum in a research report on Tuesday, August 11th. Finally, Needham & Company LLC initiated coverage on shares of Quantum in a research note on Wednesday, June 3rd. They set a “buy” rating for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Quantum Trading Down 4.1%

The company has a market cap of $840.77 million, a price-to-earnings ratio of -1.61 and a beta of 2.97. The stock’s 50-day moving average is $13.64 and its 200-day moving average is $9.51.

Quantum (NASDAQ:QMCO) last posted its quarterly 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 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. As a group, analysts predict that Quantum Corporation will post 0.31 EPS for the current year.

Institutional Trading of Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of Quantum by 337.5% in the 3rd quarter. Bank of America Corp DE now owns 2,896 shares of the company’s stock worth $29,000 after purchasing an additional 2,234 shares in the last quarter. BNP Paribas Financial Markets grew its position in Quantum by 322.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,461 shares of the company’s stock valued at $34,000 after purchasing an additional 2,641 shares during the period. NBC Securities Inc. bought a new stake in Quantum during the 4th quarter valued at $26,000. Raymond James Financial Inc. acquired a new position in Quantum during the second quarter worth $46,000. Finally, Geode Capital Management LLC raised its holdings in Quantum by 9.1% during the second quarter. Geode Capital Management LLC now owns 69,384 shares of the company’s stock worth $692,000 after buying an additional 5,806 shares during the last quarter. 63.66% of the stock is owned by 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.