SAN JOSE, CA—Henk Jan Spanjaard, the Chief Revenue Officer of Quantum (NASDAQ:QMCO) Corporation (NASDAQ:QMCO), recently sold shares worth $1,745. The transaction took place on November 8, 2024, involving the sale of 394 shares at a price of $4.43 each. The stock, which has shown remarkable strength with an 81% gain year-to-date, currently trades at $12.73 with a market capitalization of $61.7 million. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Spanjaard holds 15,662 shares directly in the company. According to InvestingPro analysis, Quantum Corporation currently shows signs of being undervalued, despite its weak overall financial health score. For deeper insights into Quantum's valuation and 15+ additional expert tips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Quantum Corporation unveiled the Scalar i7 RAPTOR, a high-density tape storage system, with the first units currently under customer testing and certification. The system is designed to meet the expanding needs of AI and cloud storage, offering up to 200% higher storage density than traditional enterprise tape libraries. Quantum has also reported a mixed Q2 with a 7% decrease in year-over-year revenue, totaling $70.5 million, but saw an increase in its backlog, now standing at $14 million.
The company adjusted its FY 2025 revenue outlook to $280 million, with adjusted EBITDA expected at $3 million. Analyst projections indicate an adjusted net loss per share for Q3 at negative $0.75, with expected Q3 revenue at approximately $72 million. Despite challenges, Quantum Corporation is optimistic about achieving positive cash flow in the latter half of FY 2025 and FY 2026. These are the recent developments for Quantum Corporation.
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