QuickLogic (NASDAQ:QUIK) Earns Buy Rating from Analysts at Needham & Company LLC

Key Points

• Needham & Company LLC initiated coverage on QuickLogic with a Buy rating and a $22 price target, implying about 22.77% upside from the current share price.
• Analyst sentiment is mixed overall: MarketBeat says QuickLogic has a consensus rating of Hold with a $22 average price target, despite other recent ratings including a Buy from Lake Street and a Sell from Weiss Ratings.
• QuickLogic recently reported a Q1 EPS miss of ($0.08) versus expectations for ($0.06), and revenue of $5.05 million also came in below estimates. The stock was trading down 2.9% at $17.92 in Wednesday trading.

Stock analysts at Needham & Company LLC initiated coverage on shares of QuickLogic (NASDAQ:QUIK - Get Free Report) in a research note issued on Wednesday, Marketbeat.com reports. The firm set a "buy" rating and a $22.00 price target on the semiconductor company's stock. Needham & Company LLC's price objective would indicate a potential upside of 22.77% from the stock's current price.

A number of other research analysts have also recently commented on QUIK. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of QuickLogic in a research report on Friday, March 27th. Lake Street Capital reiterated a "buy" rating and issued a $22.00 target price (up from $11.00) on shares of QuickLogic in a research note on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of QuickLogic from a "sell" rating to a "hold" rating in a research note on Saturday. Two investment 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 has an average rating of "Hold" and a consensus price target of $22.00.

QuickLogic Trading Down 2.9%

Shares of QUIK stock opened at $17.92 on Wednesday. The company has a 50 day moving average of $12.63 and a 200-day moving average of $9.02. The company has a quick ratio of 1.53, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. QuickLogic has a 12-month low of $4.80 and a 12-month high of $22.69. The firm has a market cap of $326.68 million, a P/E ratio of -20.13 and a beta of 1.11.

QuickLogic (NASDAQ:QUIK - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The semiconductor company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). QuickLogic had a negative return on equity of 48.97% and a negative net margin of 102.41%.The company had revenue of $5.05 million for the quarter, compared to analysts' expectations of $5.51 million. Sell-side analysts anticipate that QuickLogic will post -0.2 earnings per share for the current year.

Insider Buying and Selling at QuickLogic

In other QuickLogic news, Director Gary H. Tauss sold 2,195 shares of QuickLogic stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.20, for a total transaction of $42,144.00. Following the completion of the transaction, the director owned 15,908 shares of the company's stock, valued at $305,433.60. The trade was a 12.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Farese sold 4,800 shares of QuickLogic stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $11.71, for a total value of $56,208.00. Following the transaction, the director directly owned 30,540 shares of the company's stock, valued at $357,623.40. The trade was a 13.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 16,865 shares of company stock worth $196,081. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On QuickLogic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUIK. Prospera Financial Services Inc raised its stake in QuickLogic by 8.9% in the third quarter. Prospera Financial Services Inc now owns 17,050 shares of the semiconductor company's stock valued at $103,000 after purchasing an additional 1,400 shares in the last quarter. Captrust Financial Advisors raised its stake in QuickLogic by 4.5% in the fourth quarter. Captrust Financial Advisors now owns 35,618 shares of the semiconductor company's stock valued at $214,000 after purchasing an additional 1,547 shares in the last quarter. Perkins Capital Management Inc. raised its stake in QuickLogic by 1.0% in the third quarter. Perkins Capital Management Inc. now owns 204,956 shares of the semiconductor company's stock valued at $1,242,000 after purchasing an additional 2,000 shares in the last quarter. State Street Corp raised its stake in QuickLogic by 5.0% in the fourth quarter. State Street Corp now owns 65,056 shares of the semiconductor company's stock valued at $391,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in QuickLogic by 246.5% in the second quarter. Tower Research Capital LLC TRC now owns 6,891 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 4,902 shares in the last quarter. 31.54% of the stock is currently owned by hedge funds and other institutional investors.

QuickLogic Company Profile

QuickLogic Corporation NASDAQ: QUIK is a fabless semiconductor company that specializes in ultra-low power, multi-core sensor processing System-on-Chip (SoC) solutions and embedded field programmable gate array (eFPGA) intellectual property. The company's products are designed to enable always-on, voice-activated, and vision-driven applications at the edge, delivering a balance of performance, flexibility, and power efficiency. QuickLogic's technology is often deployed in consumer, mobile, and industrial IoT devices, where minimizing energy consumption is critical.

Among QuickLogic's key offerings is the EOS™ family of sensor processing SoCs, which integrate ARM Cortex-M cores alongside proprietary sensor fusion and neural network engines, coupled with customizable FPGA fabric.

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.