Quantum Corporation (QTM) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS
Quantum Corporation (NYSE:QTM) released its earnings results on Wednesday. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by $0.02, Morningstar.com reports. The firm had revenue of $116.86 million during the quarter, compared to analysts’ expectations of $119.40 million. Quantum Corporation had a net margin of 0.62% and a negative return on equity of 5.94%. The business’s revenue was up .5% compared to the same quarter last year. Quantum Corporation updated its Q2 guidance to 0.01-0.05 EPS.
Shares of Quantum Corporation (NYSE:QTM) traded down 22.94% during trading on Thursday, reaching $5.71. The company had a trading volume of 310,025 shares. The firm’s 50 day moving average price is $7.98 and its 200 day moving average price is $4.96. The firm has a market capitalization of $194.67 million, a P/E ratio of 52.87 and a beta of 2.34. Quantum Corporation has a 12 month low of $0.57 and a 12 month high of $9.20.
Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Quantum Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. BidaskClub upgraded Quantum Corporation from a “hold” rating to a “buy” rating in a research report on Monday, July 31st.
In related news, SVP Robert S. Clark sold 61,912 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $8.16, for a total value of $505,201.92. Following the sale, the senior vice president now owns 74,703 shares of the company’s stock, valued at approximately $609,576.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Shawn D. Hall sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $7.82, for a total value of $78,200.00. Following the completion of the sale, the vice president now directly owns 158,344 shares in the company, valued at approximately $1,238,250.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,912 shares of company stock worth $727,222. Insiders own 8.55% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Royce & Associates LP bought a new stake in Quantum Corporation during the second quarter worth about $102,000. Strs Ohio bought a new stake in Quantum Corporation during the second quarter worth about $113,000. Bank of New York Mellon Corp raised its stake in Quantum Corporation by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 609,341 shares of the technology company’s stock worth $529,000 after buying an additional 19,157 shares during the last quarter. Rhumbline Advisers bought a new stake in Quantum Corporation during the second quarter worth about $237,000. Finally, Nine Chapters Capital Management LLC raised its stake in Quantum Corporation by 39.2% in the first quarter. Nine Chapters Capital Management LLC now owns 157,600 shares of the technology company’s stock worth $137,000 after buying an additional 44,400 shares during the last quarter.
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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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