Quantum Corporation (NYSE:QTM) Given New $10.00 Price Target at Lake Street Capital

Quantum Corporation (NYSE:QTM) had its target price dropped by Lake Street Capital from $12.00 to $10.00 in a note issued to investors on Thursday. The brokerage currently has a “buy” rating on the technology company’s stock. Lake Street Capital’s target price points to a potential upside of 34.95% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on QTM. BidaskClub upgraded shares of Quantum Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Zacks Investment Research upgraded shares of Quantum Corporation from a “hold” rating to a “strong-buy” rating and set a $9.25 price target on the stock in a research note on Wednesday, May 17th.

Quantum Corporation (NYSE QTM) traded down 25.78% during mid-day trading on Thursday, reaching $5.50. 618,147 shares of the company traded hands. Quantum Corporation has a 52-week low of $0.57 and a 52-week high of $9.20. The company has a market capitalization of $187.51 million, a P/E ratio of 50.93 and a beta of 2.34. The stock has a 50 day moving average price of $7.98 and a 200-day moving average price of $4.96.

Quantum Corporation (NYSE:QTM) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.02. Quantum Corporation had a negative return on equity of 5.94% and a net margin of 0.62%. The business had revenue of $116.86 million for the quarter, compared to analyst estimates of $119.40 million. The company’s quarterly revenue was up .5% compared to the same quarter last year. Analysts expect that Quantum Corporation will post $0.63 EPS for the current fiscal year.

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In other Quantum Corporation news, VP Shawn D. Hall sold 10,000 shares of Quantum Corporation stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $7.82, for a total transaction of $78,200.00. Following the completion of the transaction, the vice president now directly owns 158,344 shares of the company’s stock, valued at $1,238,250.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Robert S. Clark sold 61,912 shares of Quantum Corporation stock in a transaction on Monday, July 10th. The shares were sold at an average price of $8.16, for a total value of $505,201.92. Following the transaction, the senior vice president now directly owns 74,703 shares of the company’s stock, valued at $609,576.48. The disclosure for this sale can be found here. Insiders have sold 88,912 shares of company stock worth $727,222 in the last quarter. Corporate insiders own 8.55% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its position in shares of Quantum Corporation by 86.0% in the first quarter. Wells Fargo & Company MN now owns 14,238,193 shares of the technology company’s stock worth $12,387,000 after buying an additional 6,584,382 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Quantum Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 9,332,945 shares of the technology company’s stock worth $8,120,000 after buying an additional 383,871 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Quantum Corporation by 26.8% in the first quarter. Renaissance Technologies LLC now owns 8,026,252 shares of the technology company’s stock worth $6,983,000 after buying an additional 1,695,300 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Quantum Corporation by 2.0% in the first quarter. Neuberger Berman Group LLC now owns 6,033,887 shares of the technology company’s stock worth $5,249,000 after buying an additional 120,490 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC boosted its position in shares of Quantum Corporation by 50.7% in the first quarter. Pacific Ridge Capital Partners LLC now owns 3,988,157 shares of the technology company’s stock worth $3,470,000 after buying an additional 1,342,013 shares during the last quarter.

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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