Quantum Price Target Raised to $20.00

Quantum (NASDAQ:QMCO) has seen its price target dramatically increased by Lake Street Capital, moving from $5.00 to an impressive $20.00. This adjustment was reported on Wednesday and accompanies a 'hold' rating for the stock. The new price target implies a potential downside of approximately 10.91% from the stock's recent closing price.

In a separate report, Northland Securities reiterated a 'market perform' rating for Quantum, setting a target price of $5.00, up significantly from an earlier target of $0.25.

Market Response

Following the news, shares of Quantum experienced a decline, dropping 10.2% on Wednesday to reach $22.45. The trading volume for the stock was notable, with 1,054,284 shares exchanged compared to its average trading volume of 1,848,796. Over the past year, Quantum's stock has fluctuated between a low of $2.22 and a high of $90.64, with its 50-day moving average at $31.39 and the 200-day moving average at $14.13.

Insider Transactions

In related news, CFO Kenneth P. Gianella sold 1,487 shares of Quantum stock on January 16th, at an average price of $35.68, totaling around $53,056. Following this sale, he retains 33,681 shares valued at approximately $1,201,738. In another transaction on the same day, CEO James J. Lerner sold 2,511 shares at the same average price, resulting in a total of $89,592.48. Post-sale, he holds 107,804 shares valued at roughly $3,846,446. Notably, insiders have sold 22,490 shares in total over the last quarter, and insiders collectively own 3.90% of Quantum's stock.

Institutional Investment Activity

Recent changes in ownership by institutional investors include Flagship Harbor Advisors LLC acquiring a new stake valued at around $226,000 in the fourth quarter. Arkadios Wealth Advisors also bought shares with a total value of $466,000, while UNICOM Systems Inc. invested a substantial $4,057,000. Currently, institutional and hedge fund investors own 63.66% of Quantum's stock.

Company Overview

Quantum Corporation specializes in providing products designed for the storage and management of digital video and unstructured data across various regions including the Americas, Europe, and Asia-Pacific. Their offerings include Myriad All-Flash File and Object Storage Software for enterprise applications, Unified Surveillance Platform Software for video surveillance, StorNext Hybrid Flash/Disk File Storage Software for media applications, and CatDV Asset Management Software for managing media files.

Quantum, Investing, Stocks