Quantum Corporation Down 18.1% (QTM)

Shares of San Jose, California-based Quantum Corporation

are currently down 18.1% at $2.94 per share during Thursday morning trading. Today's trading range for shares of Quantum Corporation has been between $2.71 and $2.98 per share. The consensus price target of analysts covering the company's stock is $4.70 per share. Volume of 21.2 million shares is nearly 5 times the daily average volume of 4.3 million shares. Quantum Corporation (

) released financial results Wednesday after the market closed that failed to meet Wall Street estimates. Quantum Corporation reported 3rd quarter adjusted earnings of 7 cents per share, on revenue of $176.22 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 9 cents per share, on revenue of $192.4 million. Chairman and CEO Rick Belluzzo said, "Although we were driving to a higher overall revenue target for the quarter, we made progress on a number of initiatives designed to increase channel traction and grow our branded business that demonstrate we are on the right track." The company forecast 4th quarter adjusted earnings of 4 cents to 5 cents, on revenue of $165 million to $175 million. Read more