Quantum Corporation (QTM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Quantum Corporation (NYSE:QTM) from a hold rating to a sell rating in a research report report published on Thursday morning.

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 also recently weighed in on the stock. Lake Street Capital reduced their price target on shares of Quantum Corporation from $12.00 to $10.00 and set a buy rating for the company in a report on Thursday, August 10th. BidaskClub downgraded shares of Quantum Corporation from a buy rating to a hold rating in a report on Wednesday, August 9th.

Shares of Quantum Corporation (QTM) opened at 6.07 on Thursday. The stock has a 50 day moving average of $5.73 and a 200 day moving average of $6.33. Quantum Corporation has a 52-week low of $4.86 and a 52-week high of $9.20. The company has a market cap of $209.25 million, a P/E ratio of 58.93 and a beta of 2.41.

Quantum Corporation (NYSE:QTM) last issued its quarterly earnings results 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 net margin of 0.64% and a negative return on equity of 7.26%. The company 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. On average, equities analysts anticipate 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 5,793 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $6.19, for a total transaction of $35,858.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Fuad Ahmad sold 17,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $8.46, for a total transaction 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 sold 35,047 shares of company stock valued at $247,076. Insiders own 8.55% of the company’s stock.

Several large investors have recently added to or reduced their stakes in QTM. Renaissance Technologies LLC lifted its holdings in shares of Quantum Corporation by 26.8% during the 1st quarter. Renaissance Technologies LLC now owns 8,026,252 shares of the technology company’s stock worth $6,983,000 after acquiring an additional 1,695,300 shares during the period. Lyon Street Capital LLC bought a new position in shares of Quantum Corporation during the 1st quarter worth about $525,000. Vanguard Group Inc. lifted its holdings in shares of Quantum Corporation by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 9,332,945 shares of the technology company’s stock worth $8,120,000 after acquiring an additional 383,871 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Quantum Corporation by 94.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 700,507 shares of the technology company’s stock worth $609,000 after acquiring an additional 340,079 shares during the period. Finally, Kennedy Capital Management Inc. lifted its holdings in shares of Quantum Corporation by 18.2% during the 1st quarter. Kennedy Capital Management Inc. now owns 1,982,737 shares of the technology company’s stock worth $1,725,000 after acquiring an additional 304,844 shares during the period. 64.17% of the stock is owned by institutional investors.

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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