Update (4:20 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Quantum Corporation (QTM) climbed 5.74% to $1.29, up 7 cents from its previous close of $1.22, at the close of the trading day on Tuesday after the company announced preliminary third quarter earnings that exceeded expectations.
The stock had a volume of 14,945,475, far above its average of 1,424,550. It hit a high of $1.43 and a low of $1.27 for the day.
The San Jose-based data protection company revealed it expects to report revenue of approximately $145 million to $146 million, well above the high end of the guidance range it noted in its Oct. 23, 2013 earnings announcement. These earnings would be for the third quarter that ended on Dec. 31, 2013.
Craig-Hallum also upgraded Quantum to a "buy" from a "hold" after the preliminary results. The company raised its target price on the stock to $2.50 from $2.
TheStreet Ratings team rates Quantum as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate QUANTUM CORP (QTM) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: