Quantum Corporation (NYSE:QTM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can be certain they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. “

A number of other analysts have also recently weighed in on the company. BidaskClub cut Quantum Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Lake Street Capital cut their target price on Quantum Corporation from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, August 10th.

Quantum Corporation (NYSE QTM) opened at 6.02 on Wednesday. The company’s 50-day moving average price is $5.78 and its 200 day moving average price is $6.48. Quantum Corporation has a 12 month low of $4.86 and a 12 month high of $9.20. The stock has a market capitalization of $207.52 million, a PE ratio of 58.45 and a beta of 2.41.

Quantum Corporation (NYSE:QTM) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). Quantum Corporation had a negative return on equity of 7.26% and a net margin of 0.64%. The company had revenue of $116.86 million for the quarter, compared to analyst estimates of $119.40 million. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts forecast that Quantum Corporation will post $0.47 earnings per share for the current fiscal year.

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In other news, insider Jon W. Gacek sold 12,254 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.50, for a total transaction of $67,397.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Fuad Ahmad sold 17,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $8.46, for a total value of $143,820.00. Following the transaction, the chief financial officer now directly owns 153,603 shares of the company’s stock, valued at $1,299,481.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,047 shares of company stock valued at $247,076. Company insiders own 8.55% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Voya Investment Management LLC purchased a new position in shares of Quantum Corporation during the 2nd quarter worth approximately $101,000. Royce & Associates LP purchased a new position in Quantum Corporation in the 2nd quarter valued at approximately $102,000. Strs Ohio purchased a new position in Quantum Corporation in the 2nd quarter valued at approximately $113,000. Bluefin Trading LLC purchased a new position in Quantum Corporation in the 2nd quarter valued at approximately $169,000. Finally, The Manufacturers Life Insurance Company increased its stake in Quantum Corporation by 1,582.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,348 shares of the technology company’s stock valued at $190,000 after purchasing an additional 22,901 shares in the last quarter. 64.17% of the stock is owned by institutional investors and hedge funds.

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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