Quantum (NASDAQ:QMCO) Shares Gap Up - Time to Buy?

Key Points

• Quantum shares jumped from a $16.98 close to a $17.64 open and were recently trading at $18.375, while the stock’s 200-day moving average stood at $15.74.
• Analyst sentiment is broadly positive: five analysts rate Quantum a Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $27.33.
• Quantum beat quarterly expectations, reporting $0.18 in EPS versus a projected $0.17 loss and revenue of $80.8 million versus $75.05 million expected; institutional investors own 63.66% of the stock.

Quantum Corporation (NASDAQ:QMCO - Get Free Report)'s share price gapped up prior to trading on Friday. The stock had previously closed at $16.98, but opened at $17.64. Quantum shares last traded at $18.3750, with a volume of 192,019 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on QMCO. Weiss Ratings reiterated a "sell (d-)" rating on shares of Quantum in a report on Monday, September 21st. Cantor Fitzgerald began coverage on shares of Quantum in a research report on Friday. They set an "overweight" rating and a $29.00 price target for the company. Wall Street Zen raised Quantum from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Litchfield Hills Research assumed coverage on Quantum in a research report on Monday, August 10th. They issued a "buy" rating on the stock. Finally, Northland Securities raised 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. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Quantum currently has a consensus rating of "Moderate Buy" and an average target price of $27.33.

Quantum Price Performance

The company's 50-day simple moving average is $25.23 and its two-hundred day simple moving average is $15.74. The firm has a market capitalization of $727.08 million, a P/E ratio of -1.40 and a beta of 3.08.

Quantum (NASDAQ:QMCO - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate 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. Quantum has set its Q2 2027 guidance at 0.020-0.220 EPS. Analysts predict that Quantum Corporation will post 0.31 earnings per share for the current year.

Hedge Funds Weigh In On Quantum

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

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.

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