Quantum (NASDAQ:QMCO) Trading 4.1% Higher – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s share price traded up 4.1% during mid-day trading on Tuesday . The company traded as high as $23.99 and last traded at $23.7550. Approximately 82,279 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 969,264 shares. The stock had previously closed at $22.83.

Wall Street Analyst Weigh In

QMCO has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Quantum from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Litchfield Hills Research initiated coverage on shares of Quantum in a research report on Monday, August 10th. They issued a “buy” rating on the stock. Lake Street Capital set a $29.00 target price on shares of Quantum and gave the stock a “buy” rating in a research note on Monday. Needham & Company LLC initiated coverage on shares of Quantum in a research report on Wednesday, June 3rd. They set a “buy” rating for the company. Finally, Northland Securities raised shares of Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a research note on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.50.

Quantum Price Performance

The company’s 50 day moving average price is $17.59 and its two-hundred day moving average price is $11.77. The stock has a market capitalization of $939.14 million, a PE ratio of -1.80 and a beta of 3.14.

Quantum (NASDAQ:QMCO) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.18 earnings per share (EPS) 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 analysts’ expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Analysts forecast that Quantum Corporation will post 0.31 earnings per share for the current year.

Institutional Investors Weigh In On Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new position in Quantum during the second quarter worth $29,193,000. Two Seas Capital LP acquired a new stake in shares of Quantum in the 2nd quarter worth $27,374,000. Manatuck Hill Partners LLC acquired a new stake in shares of Quantum in the 2nd quarter worth $3,850,000. BlackRock Inc. purchased a new position in shares of Quantum during the 2nd quarter worth $3,003,000. Finally, Bank of America Corp DE raised its holdings 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 acquiring an additional 149,645 shares during the period. Institutional investors and hedge funds own 63.66% of the company’s stock.

Quantum Company Profile

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.