QuickLogic (NASDAQ:QUIK) Price Target Cut to $20.00 by Analysts at Needham & Company LLC

Key Points

• Needham cut QuickLogic’s price target from $22 to $20 but maintained a “buy” rating, implying roughly 40.55% upside from the prior close. Overall analyst sentiment is “hold,” with a consensus target of $21.
• QuickLogic’s latest quarter fell short of expectations, reporting a $0.06 per-share loss versus the forecasted $0.04 loss and revenue of $5.48 million versus $6.00 million expected.
• Insiders sold approximately $1.0 million of shares over the past 90 days, including substantial reductions by the CEO and a director, while institutional investors own 31.54% of the company.

QuickLogic (NASDAQ:QUIK - Get Free Report) had its target price lowered by stock analysts at Needham & Company LLC from $22.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price target suggests a potential upside of 40.55% from the company's previous close.

A number of other analysts have also weighed in on QUIK. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of QuickLogic in a research note on Wednesday, June 24th. Lake Street Capital restated a "buy" rating and issued a $22.00 target price (up from $11.00) on shares of QuickLogic in a research report on Wednesday, May 13th. Finally, Wall Street Zen raised QuickLogic from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $21.00.

QuickLogic Stock Up 3.4%

QUIK opened at $14.23 on Wednesday. The stock's 50 day moving average price is $16.78 and its 200 day moving average price is $13.59. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.53. The stock has a market cap of $259.41 million, a P/E ratio of -15.99 and a beta of 1.24. QuickLogic has a 12 month low of $4.80 and a 12 month high of $24.33.

QuickLogic (NASDAQ:QUIK - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The semiconductor company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). QuickLogic had a negative return on equity of 48.97% and a negative net margin of 102.41%.The business had revenue of $5.48 million during the quarter, compared to the consensus estimate of $6.00 million. As a group, research analysts predict that QuickLogic will post -0.23 earnings per share for the current year.

Insider Activity at QuickLogic

In other QuickLogic news, CEO Brian C. Faith sold 41,480 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $20.45, for a total transaction of $848,266.00. Following the completion of the sale, the chief executive officer directly owned 228,412 shares in the company, valued at approximately $4,671,025.40. This trade represents a 15.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joyce Kim sold 5,500 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $20.00, for a total value of $110,000.00. Following the completion of the transaction, the director owned 2,140 shares in the company, valued at $42,800. This represents a 71.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 49,175 shares of company stock valued at $1,000,410. Company insiders own 3.20% of the company's stock.

Institutional Trading of QuickLogic

A number of institutional investors have recently bought and sold shares of QUIK. Vanguard Group Inc. increased its position in QuickLogic by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 655,877 shares of the semiconductor company's stock worth $3,975,000 after purchasing an additional 28,587 shares during the last quarter. Royal Bank of Canada increased its holdings in QuickLogic by 14,694.5% in the first quarter. Royal Bank of Canada now owns 348,115 shares of the semiconductor company's stock worth $3,266,000 after buying an additional 345,762 shares during the last quarter. Perkins Capital Management Inc. lifted its stake in QuickLogic by 11.2% in the first quarter. Perkins Capital Management Inc. now owns 306,706 shares of the semiconductor company's stock valued at $2,877,000 after acquiring an additional 31,000 shares during the last quarter. Raymond James Financial Inc. grew its position in QuickLogic by 2.8% in the second quarter. Raymond James Financial Inc. now owns 210,199 shares of the semiconductor company's stock worth $1,295,000 after acquiring an additional 5,721 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of QuickLogic by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 169,902 shares of the semiconductor company's stock worth $1,021,000 after purchasing an additional 11,543 shares during the last quarter. Institutional investors and hedge funds own 31.54% of the company's stock.

About QuickLogic

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.

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