Quantum Price Target Increased to $20.00

Quantum (NASDAQ:QMCO) saw its price target significantly increased by Lake Street Capital, which raised the target from $5.00 to $20.00. This adjustment was made in a research note published on Wednesday, indicating that the brokerage has assigned a "hold" rating for the stock. The new target price implies a potential downside of approximately 10.91% from the stock's closing price prior to this report.

Additionally, in a separate report, Northland Securities maintained a "market perform" rating and adjusted their target price for Quantum shares to $5.00, up from a much lower estimate of $0.25. This update was released on Thursday, November 14th.

Stock Performance

On the day of these announcements, Quantum's stock experienced a decline of 10.2%, closing at $22.45 after a drop of $2.55. The trading volume for Quantum shares reached 1,054,284, which was lower than the average volume of 1,848,796. Over the past year, the stock has fluctuated, hitting a low of $2.22 and a high of $90.64. Currently, the 50-day moving average price stands at $31.39, while the 200-day moving average price is at $14.13.

Insider Transactions

In related insider activities, CFO Kenneth P. Gianella sold 1,487 shares of Quantum on January 16th at an average price of $35.68, resulting in a total transaction value of $53,056.16. Following this sale, Gianella holds 33,681 shares, valued at around $1,201,738.08, marking a 4.23% reduction in ownership. Moreover, CEO James J. Lerner sold 2,511 shares of the company on the same day, also at an average price of $35.68, totaling $89,592.48. After this transaction, Lerner's holdings decreased by 2.28%, leaving him with 107,804 shares, valued at $3,846,446.72. In total, company insiders have divested 22,490 shares worth $316,162 in the last quarter, retaining a combined ownership of 3.90% of the stock.

Institutional Activity

Recent institutional trading activity has also been notable, with Flagship Harbor Advisors LLC acquiring a new stake in Quantum valued at about $226,000 during the fourth quarter. Arkadios Wealth Advisors also entered a new position worth $466,000, along with UNICOM Systems Inc. purchasing a stake valued at $4,057,000. Currently, institutional investors and hedge funds collectively own 63.66% of Quantum's stock.

Company Overview

Quantum Corporation specializes in providing solutions for storing and managing digital video and unstructured data across various regions including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Their product offerings include Myriad All-Flash File and Object Storage Software tailored for high-performance enterprise applications like AI and data analytics, along with Unified Surveillance Platform Software for managing video surveillance efficiently. Additionally, they offer StorNext Hybrid Flash/Disk File Storage Software for media editing and archiving, and CatDV Asset Management Software designed for cataloging and organizing media files.

Quantum, Stocks, Analysis