Quantum (NASDAQ:QMCO) Stock Price Up 11.4% – Time to Buy?

Quantum Corporation (NASDAQ:QMCO)’s share price traded up 11.4% during trading on Monday. The company traded as high as $16.11 and last traded at $16.1210. 235,688 shares were traded during trading, a decline of 79% from the average daily volume of 1,121,035 shares. The stock had previously closed at $14.47.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Litchfield Hills Research started coverage on Quantum in a research report on Monday, August 10th. They issued a “buy” rating on the stock. Cantor Fitzgerald started coverage on Quantum in a research report on Friday, October 23rd. They set an “overweight” rating and a $29.00 price target for the company. Lake Street Capital set a $29.00 price target on Quantum and gave the company a “buy” rating in a research report on Monday, September 14th. Northland Securities upgraded Quantum from a “market perform” rating to an “outperform” rating and set a $24.00 price target for the company in a research note on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum in a research report on Monday, September 21st. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.33.

Quantum Stock Up 14.3%

The stock has a market cap of $651.84 million, a price-to-earnings ratio of -1.25 and a beta of 3.23. The business’s 50 day simple moving average is $24.06 and its 200 day simple moving average is $13.29.

Quantum (NASDAQ:QMCO) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.35. The firm had revenue of $80.80 million during the quarter, compared to the consensus estimate of $75.05 million. Equities research analysts forecast that Quantum Corporation will post 0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum

Several hedge funds have recently bought and sold shares of QMCO. State Street Corp lifted its stake in Quantum by 4.3% in the 2nd quarter. State Street Corp now owns 75,914 shares of the company’s stock valued at $835,000 after purchasing an additional 3,100 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Quantum during the second quarter worth approximately $372,000. Susquehanna Fundamental Investments LLC acquired a new position in Quantum during the second quarter worth approximately $381,000. Alyeska Investment Group L.P. bought a new stake in Quantum in the second quarter valued at approximately $29,193,000. Finally, Bank of America Corp DE raised its stake in Quantum by 730.5% in the second quarter. Bank of America Corp DE now owns 170,130 shares of the company’s stock valued at $1,871,000 after buying an additional 149,645 shares during the period. 63.66% of the stock is currently owned by institutional investors and hedge funds.

Quantum Company Profile

Quantum Corporation (NASDAQ: QMCO) provides data storage, management and protection solutions for organizations that generate and retain large volumes of unstructured data. Its offerings are designed to help customers store, protect, archive and access information across on-premises, cloud and hybrid environments.

The company’s product portfolio has included Scalar tape libraries and LTO tape storage products, DXi deduplication and backup appliances, and software-defined storage solutions such as ActiveScale object storage.