Quantum (NASDAQ:QMCO) Stock Price Down 8.1% - What's Next?
Quantum (NASDAQ:QMCO) shares fell 8.1% to $14.15 during mid-day trading, with a significant drop in trading volume. Analysts have raised price targets, with Lake Street Capital setting it at $20 and Northland Securities at $18. The company reported a loss of $0.96 per share, missing estimates. Insider selling was noted, with executives reducing their holdings. Institutional investors have increased their stakes, owning 63.66% of the stock. Quantum specializes in data storage and management solutions across various regions.
Quantum Co. (NASDAQ:QMCO - Get Free Report) dropped 8.1% during mid-day trading on Friday . The stock traded as low as $14.07 and last traded at $14.15. Approximately 567,181 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,152,578 shares. The stock had previously closed at $15.39.
Analysts Set New Price Targets
A number of brokerages have commented on QMCO. Lake Street Capital boosted their price objective on Quantum from $5.00 to $20.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Northland Securities boosted their price target on Quantum from $5.00 to $18.00 and gave the stock a "market perform" rating in a research report on Thursday, January 30th.
View Our Latest Analysis on Quantum
Quantum Trading Down 8.1 %
The company's 50 day moving average is $18.60 and its 200-day moving average is $17.15.
Quantum (NASDAQ:QMCO - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.08). As a group, analysts expect that Quantum Co. will post -5.5 earnings per share for the current fiscal year.
Insider Activity
In other news, CRO Henk Jan Spanjaard sold 935 shares of the company's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $35.68, for a total value of $33,360.80. Following the sale, the executive now owns 14,903 shares in the company, valued at approximately $531,739.04. This represents a 5.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James J. Lerner sold 2,511 shares of Quantum stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $35.68, for a total value of $89,592.48. Following the completion of the transaction, the chief executive officer now owns 107,804 shares of the company's stock, valued at $3,846,446.72. This trade represents a 2.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,208 shares of company stock worth $274,764. 3.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Quantum
Several institutional investors and hedge funds have recently made changes to their positions in QMCO. Squarepoint Ops LLC acquired a new position in Quantum in the fourth quarter worth $506,000. Bridgeway Capital Management LLC acquired a new position in shares of Quantum in the 4th quarter valued at about $444,000. Bank of America Corp DE grew its position in shares of Quantum by 125,408.3% during the 4th quarter. Bank of America Corp DE now owns 75,305 shares of the company's stock valued at $4,060,000 after buying an additional 75,245 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Quantum during the fourth quarter worth about $3,020,000. Finally, Jane Street Group LLC bought a new position in Quantum in the fourth quarter worth about $1,812,000. 63.66% of the stock is owned by institutional investors and hedge funds.
About Quantum
(Get Free Report)Quantum Corporation provides products for storing and managing digital video and unstructured data in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Myriad All-Flash File and Object Storage Software for high performance enterprise unstructured data applications such as AI, machine learning, and data analytics; Unified Surveillance Platform Software that unified compute and storage for video surveillance recording, storage, and analytics; StorNext Hybrid Flash/Disk File Storage Software for video editing, post-production, and streaming applications, as well as digital file archives; and CatDV Asset Management Software for indexing, cataloging, enriching video, audio, and image files, and workflow orchestration.
See Also
- Five stocks we like better than Quantum
- The Risks of Owning Bonds
- Why Dollar Tree’s Family Dollar Sale Could Spark a Comeback
- What is MarketRank™? How to Use it
- JPMorgan: The 'NVIDIA of Banking' Poised for More Gains?
- What Do S&P 500 Stocks Tell Investors About the Market?
- Buy the Chewy Stock Reversal? Here’s Why Now Is the Time
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Quantum Right Now?
Before you consider Quantum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Quantum wasn't on the list.
While Quantum currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
