Insider Selling: QuickLogic (NASDAQ:QUIK) CEO Sells $176,173.55 in Stock

Key Points

• CEO Brian Faith sold 17,255 QuickLogic shares at an average price of $10.21, generating $176,173.55. His remaining direct ownership fell 5.98% to 271,065 shares.
• QuickLogic’s latest quarter fell short of expectations, with revenue of $5.48 million versus $6.00 million forecast and a loss of $0.06 per share versus the expected $0.04 loss.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $21 price target; shares recently traded at $10.72, well below the target.

QuickLogic Corporation (NASDAQ:QUIK - Get Free Report) CEO Brian 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 transaction of $176,173.55. Following the sale, the chief executive officer directly owned 271,065 shares of the company's stock, valued at $2,767,573.65. The trade was a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

QuickLogic Stock Performance

Shares of QUIK traded up $0.20 on Friday, reaching $10.72. The company's stock had a trading volume of 255,500 shares, compared to its average volume of 350,068. 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 capitalization of $196.37 million, a P/E ratio of -13.92 and a beta of 1.20. The stock's 50 day simple moving average is $12.29 and its two-hundred day simple moving average is $14.26. QuickLogic Corporation has a 12-month low of $5.28 and a 12-month high of $24.33.

QuickLogic (NASDAQ:QUIK - Get Free Report) last announced its earnings results on Tuesday, August 11th. The semiconductor company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). QuickLogic had a negative net margin of 80.18% and a negative return on equity of 45.22%. The business had revenue of $5.48 million for the quarter, compared to analysts' expectations of $6.00 million. Research analysts forecast that QuickLogic Corporation will post -0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QuickLogic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in QuickLogic during the second quarter valued at $754,000. Bank of America Corp DE boosted its holdings in shares of QuickLogic by 382.8% during the 1st quarter. Bank of America Corp DE now owns 28,771 shares of the semiconductor company's stock valued at $270,000 after purchasing an additional 22,812 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of QuickLogic by 14,694.5% during the 1st quarter. Royal Bank of Canada now owns 348,115 shares of the semiconductor company's stock valued at $3,266,000 after purchasing an additional 345,762 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in shares of QuickLogic during the first quarter valued at about $151,000. Finally, Themes Management Co LLC bought a new stake in shares of QuickLogic in the first quarter worth about $1,309,000. Institutional investors own 31.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on QUIK shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of QuickLogic in a report on Wednesday, June 24th. Needham & Company LLC cut their price target on QuickLogic from $22.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $21.00.

QuickLogic Company Profile

QuickLogic Corporation NASDAQ: QUIK is a fabless semiconductor company that develops customizable, low-power semiconductor solutions and intellectual property for consumer, industrial, communications, and other electronic devices. Its technologies are designed to help manufacturers add processing, connectivity, display, and sensor capabilities while reducing development time and power consumption.

The company's offerings include embedded FPGA (eFPGA) intellectual property, which allows programmable logic to be integrated directly into a system-on-chip, as well as customer-specific standard products and related semiconductor solutions.

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