QuickLogic (NASDAQ:QUIK) Announces Earnings Results, Misses Expectations By $0.03 EPS

QuickLogic (NASDAQ:QUIK) released its quarterly earnings results on Tuesday. The semiconductor company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.03), Zacks reports. QuickLogic had a negative net margin of 40.36% and a negative return on equity of 27.35%.

QuickLogic Trading Down 2.0%

QUIK opened at $7.03 on Wednesday. QuickLogic has a one year low of $4.26 and a one year high of $13.36. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.27 and a quick ratio of 1.23. The business has a 50 day simple moving average of $6.38 and a two-hundred day simple moving average of $6.05. The firm has a market capitalization of $115.48 million, a price-to-earnings ratio of -15.13 and a beta of 0.74.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Northland Securities downgraded QuickLogic from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Wall Street Zen cut QuickLogic from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QuickLogic in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, QuickLogic presently has a consensus rating of “Moderate Buy” and an average target price of $11.30.

Insider Activity at QuickLogic

In other QuickLogic news, CEO Brian C. Faith sold 14,956 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $5.80, for a total transaction of $86,744.80. Following the completion of the transaction, the chief executive officer owned 228,412 shares of the company’s stock, valued at approximately $1,324,789.60. This trade represents a 6.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Timothy Saxe sold 9,155 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $5.80, for a total transaction of $53,099.00. Following the completion of the transaction, the vice president owned 125,916 shares of the company’s stock, valued at approximately $730,312.80. The trade was a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 32,836 shares of company stock worth $189,133 over the last 90 days. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of QuickLogic by 4.6% during the third quarter. Vanguard Group Inc. now owns 655,877 shares of the semiconductor company’s stock valued at $3,975,000 after acquiring an additional 28,587 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of QuickLogic by 2.8% during the second quarter. Raymond James Financial Inc. now owns 210,199 shares of the semiconductor company’s stock valued at $1,295,000 after buying an additional 5,721 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in QuickLogic by 40.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 99,576 shares of the semiconductor company’s stock worth $613,000 after buying an additional 28,751 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in QuickLogic by 62.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 55,158 shares of the semiconductor company’s stock valued at $282,000 after acquiring an additional 21,275 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of QuickLogic during the 2nd quarter valued at about $171,000. 31.54% of the stock is owned by hedge funds and other institutional investors.

QuickLogic Company Profile

QuickLogic Corporation operates as a fabless semiconductor company in the United States. The company offers embedded FPGA intellectual property, low power, multicore semiconductor system-on-chips, discrete FPGAs, and AI software; and end-to-end artificial intelligence/machine learning solution with accurate sensor algorithms using AI technology.