Quantum (NASDAQ:QMCO) Shares Down 1.1% – Here’s What Happened

Quantum Corporation (NASDAQ:QMCO)’s share price fell 1.1% during trading on Thursday . The company traded as low as $14.61 and last traded at $15.78. 3,851,667 shares traded hands during mid-day trading, an increase of 285% from the average session volume of 1,001,631 shares. The stock had previously closed at $15.95.

Analysts Set New Price Targets

A number of research firms have recently commented on QMCO. Wall Street Zen upgraded Quantum from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. Lake Street Capital restated a “buy” rating and issued a $20.00 price objective (up from $8.00) on shares of Quantum in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a research report on Friday, March 27th. Finally, Needham & Company LLC assumed coverage on Quantum in a research report on Wednesday. They set a “buy” rating for the company. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.67.

Quantum Stock Down 1.1%

The stock has a market capitalization of $231.02 million, a PE ratio of -6.69 and a beta of 2.97. The company has a 50-day moving average of $7.88 and a 200 day moving average of $7.13.

Institutional Trading of Quantum

Several large investors have recently made changes to their positions in QMCO. Marshall Wace LLP purchased a new stake in shares of Quantum during the second quarter worth approximately $1,775,000. UBS Group AG boosted its stake in Quantum by 170.0% during the third quarter. UBS Group AG now owns 162,605 shares of the company’s stock worth $1,613,000 after buying an additional 102,384 shares during the last quarter. Geode Capital Management LLC boosted its stake in Quantum by 97.5% during the fourth quarter. Geode Capital Management LLC now owns 156,871 shares of the company’s stock worth $1,012,000 after buying an additional 77,444 shares during the last quarter. Sona Asset Management US LLC acquired a new position in Quantum during the first quarter worth $333,000. Finally, State Street Corp boosted its stake in Quantum by 231.7% during the fourth quarter. State Street Corp now owns 90,714 shares of the company’s stock worth $585,000 after buying an additional 63,367 shares during the last quarter. 63.66% of the stock is currently owned by hedge funds and other institutional investors.

Quantum Company Profile

Quantum Corporation (NASDAQ: QMCO) is a technology company that develops and delivers data management and storage solutions for businesses and organizations worldwide. The company’s product portfolio includes hardware, software and cloud-based offerings designed to address backup, archive, primary storage and long-term retention needs. Quantum’s solutions are geared toward data-intensive environments such as media and entertainment, surveillance, government, education and healthcare, where large volumes of digital content must be reliably stored, managed and accessed.

Quantum’s flagship products include the StorNext® data management platform, which provides high-performance shared file storage and workflow acceleration, and the DXi® series of deduplication appliances, which optimize backup and recovery by reducing storage footprints and data transfer times.