Quantum Corporation (NYSE:QTM) Trading Down 27.4% on Disappointing Earnings

Shares of Quantum Corporation (NYSE:QTM) were down 27.4% on Thursday following a weaker than expected earnings announcement. The company traded as low as $5.35 and last traded at $5.38, with a volume of 1,836,978 shares. The stock had previously closed at $7.41.

The technology company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $119.40 million. Quantum Corporation’s revenue was up .5% on a year-over-year basis.

QTM has been the subject of a number of analyst reports. Zacks Investment Research upgraded Quantum Corporation from a “hold” rating to a “strong-buy” rating and set a $9.25 price target for the company in a research note on Wednesday, May 17th. BidaskClub downgraded Quantum Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Lake Street Capital lowered their price target on shares of Quantum Corporation from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday.

In other news, CFO Fuad Ahmad sold 17,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $8.46, for a total transaction of $143,820.00. Following the completion of the transaction, the chief financial officer now directly owns 153,603 shares of the company’s stock, valued at $1,299,481.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Shawn D. Hall sold 10,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $7.82, for a total transaction of $78,200.00. Following the transaction, the vice president now directly owns 158,344 shares of the company’s stock, valued at $1,238,250.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,912 shares of company stock worth $727,222. Insiders own 8.55% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its position in 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. Renaissance Technologies LLC increased 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 in the last quarter. Algert Global LLC increased its position in shares of Quantum Corporation by 1,767.2% in the first quarter. Algert Global LLC now owns 1,479,745 shares of the technology company’s stock worth $1,287,000 after buying an additional 1,400,495 shares in the last quarter. Pacific Ridge Capital Partners LLC increased 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 in the last quarter. Finally, FMR LLC increased its position in shares of Quantum Corporation by 42.3% in the fourth quarter. FMR LLC now owns 3,410,665 shares of the technology company’s stock worth $2,838,000 after buying an additional 1,013,532 shares in the last quarter.

The firm has a market capitalization of $183.41 million, a price-to-earnings ratio of 49.81 and a beta of 2.34. The firm’s 50-day moving average price is $7.98 and its 200 day moving average price is $4.96.

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Quantum Corporation Company Profile

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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