Quantum Corporation (NASDAQ:QMCO) Short Interest Up 111.7% in June

Key Points

• Quantum Corporation’s short interest surged 111.7% in June, reaching 2.15 million shares, or about 5.5% of the float. The days-to-cover ratio stood at 1.8 days based on average trading volume.
• Analyst sentiment is mixed: Needham and Lake Street Capital are bullish, while Weiss Ratings reiterated a sell rating and Northland Securities cut the stock to market perform. The current consensus rating is Hold with a target price of $17.67.
• Shares of Quantum were up 1.1% to $10.18 in Wednesday trading, with institutional investors holding 63.66% of the company. The stock remains well below its 52-week high of $18.48 and above its low of $4.19.

Quantum Corporation (NASDAQ:QMCO - Get Free Report) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 2,146,146 shares, an increase of 111.7% from the June 15th total of 1,013,568 shares. Currently, 5.5% of the shares of the company are short sold. Based on an average trading volume of 1,217,407 shares, the days-to-cover ratio is currently 1.8 days.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Quantum in a research note on Wednesday, June 24th. Needham & Company LLC began coverage on Quantum in a report on Wednesday, June 3rd. They issued a "buy" rating for the company. Northland Securities cut Quantum from an "outperform" rating to a "market perform" rating and set a $13.00 price objective on the stock. in a report on Friday, June 26th. Finally, Lake Street Capital reissued a "buy" rating on shares of Quantum in a report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.67.

Hedge Funds Weigh In On Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QMCO. Geode Capital Management LLC lifted its stake in shares of Quantum by 9.1% in the second quarter. Geode Capital Management LLC now owns 69,384 shares of the company's stock worth $692,000 after buying an additional 5,806 shares in the last quarter. Marshall Wace LLP purchased a new stake in Quantum during the 2nd quarter valued at $1,775,000. Raymond James Financial Inc. bought a new stake in shares of Quantum in the 2nd quarter worth $46,000. Vanguard Group Inc. raised its stake in shares of Quantum by 18.3% in the third quarter. Vanguard Group Inc. now owns 303,597 shares of the company's stock worth $3,012,000 after purchasing an additional 46,919 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Quantum by 322.1% during the third quarter. BNP Paribas Financial Markets now owns 3,461 shares of the company's stock valued at $34,000 after purchasing an additional 2,641 shares in the last quarter. Institutional investors own 63.66% of the company's stock.

Quantum Stock Up 1.1%

Shares of Quantum stock traded up $0.12 during trading on Wednesday, reaching $10.18. The company's stock had a trading volume of 1,289,373 shares, compared to its average volume of 757,113. The company has a market cap of $400.69 million, a price-to-earnings ratio of -1.26 and a beta of 2.95. The firm's 50-day moving average is $11.19 and its two-hundred day moving average is $7.99. Quantum has a 52-week low of $4.19 and a 52-week high of $18.48.

Quantum Company Profile

Quantum Corporation NASDAQ: QMCO is a technology company that develops and delivers data management and storage solutions for businesses and organizations worldwide. The company's product portfolio includes hardware, software and cloud-based offerings designed to address backup, archive, primary storage and long-term retention needs. Quantum's solutions are geared toward data-intensive environments such as media and entertainment, surveillance, government, education and healthcare, where large volumes of digital content must be reliably stored, managed and accessed.

Quantum's flagship products include the StorNext® data management platform, which provides high-performance shared file storage and workflow acceleration, and the DXi® series of deduplication appliances, which optimize backup and recovery by reducing storage footprints and data transfer times.

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