Pacific Investment Management Company LLC, a ten percent owner of Quantum Corp (NASDAQ:QMCO), reported significant stock transactions on January 3, 2025. The firm sold a total of 225,195 shares of Quantum's common stock at a price of $61.52 per share, amounting to approximately $14.04 million. According to InvestingPro data, Quantum's stock has shown remarkable performance, delivering a 607% return over the past year, with the stock currently trading at $45.11.
In addition to the sales, Pacific Investment Management acquired shares through several exercises of warrants, with prices ranging from $6.20 to $54.20 per share. The total value of the shares acquired through these transactions was approximately $14.04 million. InvestingPro analysis indicates that the stock generally trades with high volatility, which investors should consider when evaluating such transactions.
These transactions reflect Pacific Investment Management's ongoing management of its investment in Quantum Corp, where it acts as an investment manager, advisor, or sub-advisor for various funds and accounts. With Quantum's next earnings report scheduled for February 4, 2025, investors can access comprehensive analysis and financial metrics through InvestingPro's detailed research reports.
In other recent news, Quantum Corporation has been at the center of various developments. The company reported a 7% decrease in year-over-year revenue, totaling $70.5 million, for Q2, but achieved approximately breakeven adjusted EBITDA and saw a significant increase in its backlog, now standing at $14 million. Quantum Corporation adjusted its FY 2025 revenue outlook to $280 million, with adjusted EBITDA expected at $3 million.
Quantum Corporation recently unveiled the Scalar i7 RAPTOR, a high-density tape storage system aimed at meeting the growing needs of AI and cloud storage. The system offers a storage density claimed to be up to 200% higher than traditional enterprise tape libraries. Initial units of the Scalar i7 RAPTOR are already in customer testing and certification.
In addition, Quantum Corporation announced the development of a new parallel file system client for its Quantum Myriad all-flash file system. The client is designed to enhance the capabilities of NVIDIA (NASDAQ:NVDA) GPUDirect Storage® and is optimized for artificial intelligence (AI), machine learning (ML), high-performance computing (HPC), and life sciences applications.
Despite these advancements, the company has faced scrutiny from short-seller Citron Research, which has criticized the financials of Quantum Computing Inc, another quantum computing company. Citron Research's comments have raised doubts about the sustainability of the current valuations in the quantum computing sector. These are the recent developments for Quantum Corporation.
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