Kenneth P. Gianella, Chief Financial Officer Quantum Corp (NASDAQ: ), sold 1,487 shares of the company’s stock on January 16, 2025. The shares were sold at a price of $35.68 each, for a total of $53,056. However, the transaction comes amid a stunning 462% jump in Quantum’s shares over the past year InvestingPro the analysis shows that the company faces significant financial challenges with a weak overall result. After the transaction, Gianella directly holds 33,681 shares. The sale was made on a non-discretionary basis to cover withholding tax liabilities related to the vesting of restricted stock units beginning in January 2024. With the company’s market capitalization of $158 million and analysts’ recent downward revisions to earnings, investors can access comprehensive preferred trading patterns information and 13 additional key insights through InvestingProdetailed research reports.
In other recent news, Quantum Corporation introduced the Scalar i7 RAPTOR, a high-density tape storage system that aims to meet the growing needs of AI and cloud storage. The system offers storage density that is claimed to be up to 200% greater than traditional enterprise tape libraries. Initial units of the Scalar i7 RAPTOR are already in user testing and certification. The company also announced the development of a new parallel file system client for its Quantum Myriad all-flash file system, designed to enhance NVIDIA (NASDAQ: ) GPUDirect Storage ® capabilities. The client is optimized for GPU-intensive tasks such as AI/ML model training and inference, high-performance computer visualization and modeling, and video rendering. In financial news, Quantum Corporation reported mixed results for the second quarter with revenue down 7% from last year, totaling $70.5 million. Despite this, the company achieved approx EBITDA adjusted for coverage and saw a significant increase in backlog which now stands at $14 million. The company anticipates $40 million in total cost savings by the end of fiscal 2025 due to operational improvements and cost-cutting measures. Quantum Corporation adjusted its fiscal 2025 revenue outlook to $280 million, with an expected adjusted EBITDA of $3 million. These are the latest developments for Quantum Corporation.
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