Kenneth P. Gianella, Chief Financial Officer of Quantum Corp (NASDAQ:QMCO), sold 1,487 shares of the company's common stock on January 16, 2025. The shares were sold at a price of $35.68 each, totaling $53,056. The transaction comes amid Quantum's remarkable 462% stock surge over the past year, though InvestingPro analysis indicates the company faces significant financial health challenges with a weak overall score. Post-transaction, Gianella holds 33,681 shares directly. The sale was conducted on a non-discretionary basis to cover tax withholding obligations related to the vesting of restricted stock units from January 2024. With the company's market cap at $158 million and analysts recently revising earnings downward, investors can access comprehensive insider trading patterns and 13 additional key insights through InvestingPro's detailed research reports.
In other recent news, Quantum Corporation 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. 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:NVDA) GPUDirect Storage® capabilities. The client is optimized for GPU-intensive tasks such as AI/ML model training and inferencing, high-performance computing visualization and modeling, and video rendering. In financial news, Quantum Corporation reported mixed Q2 results with a 7% decrease in year-over-year revenue, totaling $70.5 million. Despite this, the company achieved approximately breakeven adjusted EBITDA and saw a significant increase in its backlog, now standing at $14 million. The company anticipates $40 million in total savings by the end of FY 2025 due to operational improvements and cost-saving measures. Quantum Corporation adjusted its FY 2025 revenue outlook to $280 million, with adjusted EBITDA expected at $3 million. These are the recent developments for Quantum Corporation.
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