Quantum (NASDAQ:QMCO) Cut to "Sell" at Wall Street Zen

Key Points

• Quantum (NASDAQ:QMCO) has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, reflecting a negative outlook from analysts.
• The stock currently has a consensus target price of $19.33, despite recent fluctuations that saw shares trading as low as $2.22 and as high as $90.64 over the past year.
• Institutional investors collectively own 63.66% of Quantum's stock, indicating significant interest from hedge funds in the company.

Quantum (NASDAQ:QMCO - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

QMCO has been the subject of a number of other research reports. Needham & Company LLC set a $20.00 target price on shares of Quantum in a research report on Monday, August 11th. Ascendiant Capital Markets restated a "buy" rating on shares of Quantum in a research report on Wednesday, June 18th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.33.

Quantum Stock Performance

Shares of NASDAQ:QMCO opened at $7.43 on Friday. The firm has a fifty day moving average price of $8.34 and a 200 day moving average price of $11.13. Quantum has a fifty-two week low of $2.22 and a fifty-two week high of $90.64.

Institutional Investors Weigh In On Quantum

A number of hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in Quantum during the second quarter valued at $46,000. Sassicaia Capital Advisers LLC purchased a new stake in Quantum during the second quarter valued at $232,000. Marshall Wace LLP purchased a new stake in Quantum during the second quarter valued at $1,775,000. Geode Capital Management LLC increased its position in Quantum by 9.1% during the second quarter. Geode Capital Management LLC now owns 69,384 shares of the company's stock valued at $692,000 after acquiring an additional 5,806 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its position in Quantum by 99.4% during the second quarter. SBI Securities Co. Ltd. now owns 5,636 shares of the company's stock valued at $56,000 after acquiring an additional 2,809 shares during the last quarter. Hedge funds and other institutional investors own 63.66% of the company's stock.

Quantum Company Profile

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.

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.