QuickLogic (NASDAQ:QUIK) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• QuickLogic missed quarterly estimates: The company reported a loss of $0.07 per share versus the expected $0.05 loss, while revenue of $5.14 million fell short of the $5.51 million consensus. It also posted an 80.18% negative net margin.
• Shares fell 3% to $8.22 after the results. Analysts’ consensus rating is Hold, with a $21 price target.
• Company insiders sold 90,044 shares worth about $950,748 over the past 90 days, including sales by the CEO and CFO.

QuickLogic (NASDAQ:QUIK - Get Free Report) posted its earnings results on Tuesday. The semiconductor company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02), FiscalAI reports. QuickLogic had a negative return on equity of 45.22% and a negative net margin of 80.18%. The company had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.51 million.

QuickLogic Trading Down 3.0%

Shares of QUIK stock traded down $0.25 on Tuesday, reaching $8.22. 210,417 shares of the stock were exchanged, compared to its average volume of 323,186. The stock has a 50 day moving average price of $10.09 and a 200 day moving average price of $12.56. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.15 and a quick ratio of 2.06. The stock has a market cap of $150.59 million, a PE ratio of -10.68 and a beta of 1.18. QuickLogic has a one year low of $5.28 and a one year high of $24.33.

Insider Buying and Selling

In related news, CFO Elias Nader sold 8,291 shares of QuickLogic stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $10.21, for a total transaction of $84,651.11. Following the completion of the sale, the chief financial officer directly owned 88,845 shares of the company's stock, valued at $907,107.45. The trade was a 8.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian C. Faith sold 17,255 shares of the company's stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $10.21, for a total value of $176,173.55. Following the completion of the sale, the chief executive officer owned 271,065 shares of the company's stock, valued at $2,767,573.65. This represents a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 90,044 shares of company stock valued at $950,748 over the last ninety days. Insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on QUIK. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of QuickLogic in a research note on Monday, September 21st. Weiss Ratings lowered shares of QuickLogic from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 30th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $21.00.

About QuickLogic

QuickLogic Corporation is a fabless semiconductor company that develops low-power, programmable semiconductor solutions and embedded FPGA (eFPGA) intellectual property. Its technology is designed to allow customers to add configurable logic to application-specific integrated circuits (ASICs) and systems-on-chip (SoCs), helping support customization, connectivity, sensor processing and other functions without requiring a separate FPGA device. The company offers eFPGA IP, customer-specific standard products (CSSPs), and related development tools and design services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.