Quantum (NASDAQ:QMCO) Shares Up 1.3% - Should You Buy?

Key Points

• Quantum Corporation shares increased by 1.3% to close at $11.91, with the company experiencing a 29% decline in trading volume compared to its average.
• Two investment analysts have rated Quantum stock as a Buy, while three others have given it a Hold or Sell rating; the consensus target price is $19.33.
• Significant institutional investment has been observed, with hedge funds increasing their stakes in Quantum, which now accounts for 63.66% of the company's stock ownership.

Quantum Corporation (NASDAQ:QMCO - Get Free Report) shares rose 1.3% on Monday . The company traded as high as $12.06 and last traded at $11.91. Approximately 2,411,662 shares traded hands during trading, a decline of 29% from the average daily volume of 3,410,464 shares. The stock had previously closed at $11.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QMCO shares. Ascendiant Capital Markets reiterated a "buy" rating on shares of Quantum in a research note on Wednesday, June 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Quantum in a research report on Saturday, September 27th. Needham & Company LLC set a $20.00 price target on Quantum in a research note on Monday, August 11th. Finally, Wall Street Zen lowered shares of Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Quantum presently has a consensus rating of "Hold" and a consensus target price of $19.33.

Quantum Stock Up 1.3%

The stock has a 50 day simple moving average of $8.41 and a 200-day simple moving average of $10.02.

Institutional Investors Weigh In On Quantum

Hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. lifted 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 purchasing an additional 2,809 shares during the last quarter. Activest Wealth Management lifted its holdings in shares of Quantum by 428,200.0% in the 1st quarter. Activest Wealth Management now owns 4,283 shares of the company's stock valued at $62,000 after acquiring an additional 4,282 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Quantum in the second quarter worth about $46,000. Geode Capital Management LLC increased its stake in Quantum by 9.1% during the second quarter. Geode Capital Management LLC now owns 69,384 shares of the company's stock worth $692,000 after acquiring an additional 5,806 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in Quantum during the first quarter valued at approximately $139,000. 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.

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