NEW YORK ( TheStreet) -- Shares of Quantum Corporation (NYSE: QTM) were gapping down Thursday morning with an open price 16.6% lower than Wednesday's closing price. The stock closed at $3.13 Wednesday and opened today's trading at $2.61. The average volume for Quantum has been 2.4 million shares per day over the past 30 days. Quantum has a market cap of $711.9 million and is part of the technology sector and computer hardware industry. Shares are down 15.9% year to date as of the close of trading on Wednesday. Quantum Corporation operates as a storage company that provides backup, recovery, and archive solutions to small businesses to multinational enterprises in the United States and internationally. The company has a P/E ratio of 155.5, equal to the average computer hardware industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Quantum as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we find that net income has been generally deteriorating over time. You can view the full Quantum Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping down? Get free SMS text alerts sent to you when the action happens by texting DOWN to 95370 or select from multiple alert options.