Quantum (NASDAQ:QMCO) Price Target Raised to $20.00

Equity research firm Lake Street Capital has made a significant adjustment to their price target for Quantum (NASDAQ:QMCO), increasing it from $5.00 to $20.00. This decision was announced in a research note released on Wednesday, and the firm has assigned a "hold" rating to the stock.

The new price target by Lake Street indicates a potential downside of approximately 10.91% from the stock's previous closing price.

In a separate development, Northland Securities reiterated its "market perform" rating on Quantum while raising its target price from $0.25 to $5.00 in their report published on November 14.

Quantum Stock Performance

On the trading day following the announcements, QMCO shares saw a decrease of 10.2%, falling by $2.55 to a price of $22.45. The trading volume for the day was recorded at 1,054,284 shares, significantly lower than its average trading volume of 1,848,796 shares. Over the past year, Quantum's stock has fluctuated between a low of $2.22 and a high of $90.64. Currently, its 50-day moving average stands at $31.39, while the 200-day moving average is at $14.13.

Insider Transactions

Recent insider trading activities have also been noted at Quantum. CFO Kenneth P. Gianella sold 1,487 shares of the company on January 16, at an average price of $35.68, totaling $53,056.16. Post-transaction, Gianella's ownership in Quantum decreased by 4.23%, leaving him with 33,681 shares valued at about $1,201,738.08. Additionally, CEO James J. Lerner sold 2,511 shares on the same day for a total of $89,592.48, marking a 2.28% decrease in his ownership. Following this sale, Lerner holds 107,804 shares of Quantum, worth approximately $3,846,446.72. In total, insiders have sold 22,490 shares valued at $316,162 over the last quarter, making up 3.90% of company stock owned by insiders.

Institutional Investors' Activity

Institutional investor activities reflect varying sentiments towards Quantum. For instance, Flagship Harbor Advisors LLC entered a new investment in Quantum worth around $226,000 in the fourth quarter. Additionally, Arkadios Wealth Advisors acquired a stake valued at $466,000 during the same period. UNICOM Systems Inc. also made a substantial investment, purchasing $4,057,000 in Quantum shares. Currently, institutional investors and hedge funds collectively own 63.66% of the company's stock.

Understanding Quantum Corporation

Quantum Corporation is a technology company that specializes in providing solutions for the storage and management of digital video and unstructured data across various regions, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Their offerings include advanced storage software and platforms aimed at high-performance applications in areas such as artificial intelligence, machine learning, and data analytics.

Quantum, Stocks, Investment