Quantum (QTM) Downgraded to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Quantum (NYSE:QTM) from a hold rating to a strong sell rating in a research report released on Thursday morning.

According to Zacks, “Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can be certain they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. “

QTM has been the topic of several other research reports. Lake Street Capital cut their price objective on Quantum from $12.00 to $10.00 and set a buy rating on the stock in a report on Thursday, August 10th. BidaskClub downgraded Quantum from a buy rating to a hold rating in a report on Wednesday, August 9th.

Quantum (QTM) traded down $0.21 during midday trading on Thursday, reaching $5.08. The company’s stock had a trading volume of 450,000 shares, compared to its average volume of 305,768. The company has a debt-to-equity ratio of -0.57, a quick ratio of 0.56 and a current ratio of 0.78. Quantum has a 12-month low of $4.11 and a 12-month high of $9.20.

Quantum (NYSE:QTM) last posted its quarterly earnings data on Thursday, November 9th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.13). The company had revenue of $107.10 million for the quarter, compared to analyst estimates of $122.20 million. Quantum had a negative return on equity of 7.26% and a negative net margin of 1.77%. Quantum’s quarterly revenue was down 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.02 EPS. sell-side analysts expect that Quantum will post 0.08 earnings per share for the current year.

In other news, insider Jon W. Gacek sold 5,793 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $6.19, for a total value of $35,858.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. 8.55% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of QTM. American Century Companies Inc. acquired a new position in Quantum in the third quarter worth approximately $553,000. TIAA CREF Investment Management LLC acquired a new position in Quantum in the second quarter worth approximately $750,000. Teachers Advisors LLC acquired a new position in Quantum in the second quarter worth approximately $391,000. Vanguard Group Inc. increased its holdings in Quantum by 4.3% in the first quarter. Vanguard Group Inc. now owns 9,332,945 shares of the technology company’s stock worth $8,120,000 after buying an additional 383,871 shares during the last quarter. Finally, OxFORD Asset Management LLP acquired a new position in Quantum in the second quarter worth approximately $618,000. Institutional investors own 66.13% of the company’s stock.

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About Quantum

Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity.

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