Shares of Quantum Corporation (NYSE:QTM) were gapping down Thursday morning with an open price 11.7% lower than Wednesday's closing price. The stock closed at $2.81 yesterday and opened today's trading at $2.48.
NEW YORK ( TheStreet) -- Shares of Quantum Corporation (NYSE: QTM) were gapping down Thursday morning with an open price 11.7% lower than Wednesday's closing price. The stock closed at $2.81 Wednesday and opened today's trading at $2.48. The average volume for Quantum has been 1.7 million shares per day over the past 30 days. Quantum has a market cap of $647.3 million and is part of the technology sector and computer hardware industry. Shares are up 17.1% year to date as of the close of trading on Wednesday. Quantum Corporation, a storage company, provides backup, recovery, and archive solutions for customers ranging from small businesses to multinational enterprises in the Americas, Europe, and the Asia Pacific. The company has a P/E ratio of 277, 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 sell. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and weak operating cash flow. 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.