James J. Lerner, the company’s president and CEO Quantum Corp (NASDAQ: ), recently sold shares of the company, according to a recent filing with the SEC. On January 16, 2025, Lerner sold a total of 2,511 shares of Quantum Corp common stock at a price of $35.68 per share, amounting to a total transaction value of $89,592. The transaction comes amid significant stock momentum, with QMCO shares showing a significant 323% gain over the past six months, according to InvestingPro data.
The sale was made to cover withholding tax obligations related to the vesting of restricted stock units granted on January 1, 2024. InvestingPro analysis shows that the company is currently operating with a significant debt burden and weak indicators of financial health. After this transaction, Lerner directly holds 107,804 shares of Quantum Corp. Discover 12 additional key insights about QMCO with a subscription to InvestingPro.
In other recent news, Quantum Corporation has been at the center of a number of events. The company saw its shares rise significantly after announcing a new parallel file system client for its Quantum Myriad all-flash file system, aimed at enhancing NVIDIA’s (NASDAQ: ) GPUDirect Storage ® capabilities. This development is expected to improve the AI/ML infrastructure, offering organizations a highly parallel file system client that can be deployed on the fly and is compatible across platforms.
However, the quantum computing sector, including Quantum Corporation, has faced a significant selloff due to valuation issues. Citron Research, an activist short seller, took aim at Quantum Corporation, pointing to disparities in R&D spending among small quantum companies that cast doubt on the sustainability of current valuations.
In parallel, Quantum Corporation announced the general availability of the Scalar i7 RAPTOR, a new high-density tape storage system designed to meet the growing needs of AI and cloud storage. This system offers storage density claimed to be up to 200% greater than traditional enterprise tape libraries and is available for purchase now.
Moreover, Quantum Corporation reported mixed results for the second quarter with revenue down 7% from last year, totaling $70.5 million, and adjusted its fiscal 2025 revenue outlook to $280 million. Analyst projections put adjusted net loss per share for the third quarter at negative $0.75, with expected third quarter revenue of approximately $72 million. Despite these projections, Quantum Corporation remains optimistic about achieving positive cash flow in the second half of fiscal year 2025 and fiscal year 2026. These are recent developments for Quantum Corporation.
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