George Soros‘ family office, Soros Fund Management, has had a change of hearts regarding Quantum Corp (NYSE:QTM). After it had dumped more than 80% of its stake during the first quarter and reported ownership of 1.66 million shares in its latest 13F filing, the fund has now increased its holding to 14 million shares, which account for 5.27% of the company’s outstanding stock.
A provider of data storage and protection services for small businesses and multi-national enterprises, Quantum Corp (NYSE:QTM) is one of the stocks that went public at the height of the Internet bubble and never reached those highs again. So far this year, the stock has been deep in the red zone, currently down by 33%. Although it reported a loss for the fiscal first quarter, Quantum’s numbers came ahead of analysts’ projections. The company reported $116.3 million in revenue and earnings of $0.01 per share when adjusted for restructuring costs and stock option expenses. Market participants were expecting a loss of $0.02 per share and revenue of $111.3 million. For the current quarter, Quantum said it expects revenue to range between $118 million to $122 million.
At the end of the first quarter, roughly 23% of Quantum Corp (NYSE:QTM) common stock was held by 13 of the funds followed by Insider Monkey, down from 14 registered three months earlier. Jeffrey Smith‘s Starboard Value was among top holders of the stock, with its 13F filing showing it held 18.9 million shares, down by 27% for the quarter. Gregg J. Powers’ Private Capital Management was not far behind, as it held 16.2 million shares, after a 2% decrease during the quarter.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| SOROS FUND MANAGEMENT | 0 | 14,025,220 | 0 | 14,025,220 | 5.27% | |
| GEORGE SOROS | 14,025,220 | 0 | 14,025,220 | 14,025,220 | 5.27% | |
| ROBERT SOROS | 14,025,220 | 0 | 14,025,220 | 14,025,220 | 5.27% |
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Page 1 of 12 – SEC Filing
| [ ] | Rule 13d-1(b) |
| [X] | Rule 13d-1(c) |
| [ ] | Rule 13d-1(d) |
