Quantum Corporation $QMCO Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Quantum stake by 730.5% in the second quarter, ending with 170,130 shares valued at approximately $1.87 million. Institutional investors collectively own 63.66% of the company.
• Quantum reported quarterly revenue of $80.8 million and adjusted earnings of $0.18 per share, exceeding analysts’ expectations. The stock opened at $31.72, near its 12-month high of $34.68, despite a reported 3.5% decline.
• Analyst sentiment is mostly positive, with four Buy ratings and one Sell rating, resulting in a consensus “Moderate Buy” rating and a $26.50 average price target.

Bank of America Corp DE boosted its holdings in Quantum Corporation (NASDAQ:QMCO - Free Report) by 730.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 170,130 shares of the company's stock after buying an additional 149,645 shares during the period. Bank of America Corp DE owned 0.43% of Quantum worth $1,871,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in shares of Quantum during the 1st quarter valued at about $58,000. Man Group plc acquired a new stake in shares of Quantum during the 2nd quarter worth $755,000. Sona Asset Management US LLC purchased a new position in shares of Quantum in the 1st quarter worth $333,000. BlackRock Inc. purchased a new position in shares of Quantum in the 2nd quarter worth $3,003,000. Finally, Manatuck Hill Partners LLC acquired a new position in Quantum in the second quarter valued at $3,850,000. Hedge funds and other institutional investors own 63.66% of the company's stock.

Quantum Trading Down 3.5%

Shares of QMCO stock opened at $31.72 on Thursday. The firm has a fifty day simple moving average of $21.19 and a 200-day simple moving average of $13.41. The company has a market capitalization of $1.25 billion, a PE ratio of -2.40 and a beta of 3.14. Quantum Corporation has a twelve month low of $4.19 and a twelve month high of $34.68.

Quantum (NASDAQ:QMCO - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.35. The firm had revenue of $80.80 million for the quarter, compared to analysts' expectations of $75.05 million. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Equities research analysts predict that Quantum Corporation will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

QMCO has been the subject of a number of research reports. 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. Needham & Company LLC initiated coverage on Quantum in a report on Wednesday, June 3rd. They issued a "buy" rating on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum in a research note on Monday, September 21st. Litchfield Hills Research initiated coverage on Quantum in a report on Monday, August 10th. They set a "buy" rating for the company. Finally, Northland Securities raised shares of Quantum from a "market perform" rating to an "outperform" rating and set a $24.00 target price for the company in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.50.

Quantum Profile

Quantum Corporation NASDAQ: QMCO is a data storage and management company that provides technology for organizations handling large volumes of digital content. Its solutions are designed to help customers store, protect, manage and access unstructured data, including video, images, scientific information and other content-intensive files.

The company's product portfolio has included Scalar tape libraries and tape storage systems, DXi deduplication appliances, and software for data backup, archiving and disaster recovery.

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