QuickLogic (NASDAQ:QUIK) Releases Earnings Results, Misses Estimates By $0.03 EPS

QuickLogic (NASDAQ:QUIK) announced its quarterly earnings data on Tuesday. The semiconductor company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate 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 0.8%

QUIK traded down $0.06 on Tuesday, reaching $7.17. 116,313 shares of the company’s stock were exchanged, compared to its average volume of 207,227. QuickLogic has a twelve month low of $4.26 and a twelve month high of $13.36. The company’s 50 day moving average is $6.33 and its 200-day moving average is $6.04. The company has a market cap of $117.78 million, a price-to-earnings ratio of -15.25 and a beta of 0.74. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.23 and a current ratio of 1.27.

Analyst Ratings Changes

Several research analysts have weighed in on QUIK shares. Wall Street Zen downgraded QuickLogic from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of QuickLogic in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $10.87.

Insider Activity

In related news, CEO Brian C. Faith sold 14,956 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $5.80, for a total value of $86,744.80. Following the completion of the sale, the chief executive officer directly owned 228,412 shares in the company, valued at approximately $1,324,789.60. This represents a 6.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elias Nader sold 7,325 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $5.80, for a total value of $42,485.00. Following the completion of the transaction, the chief financial officer directly owned 82,006 shares in the company, valued at $475,634.80. This trade represents a 8.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 32,836 shares of company stock valued at $189,133. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On QuickLogic

Several hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in QuickLogic by 246.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,891 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 4,902 shares in the last quarter. Raymond James Financial Inc. raised its stake 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 purchasing an additional 5,721 shares during the period. Jane Street Group LLC purchased a new stake in shares of QuickLogic during the first quarter valued at approximately $87,000. Goldman Sachs Group Inc. lifted its position in shares of QuickLogic by 62.8% during the first quarter. Goldman Sachs Group Inc. now owns 55,158 shares of the semiconductor company’s stock worth $282,000 after purchasing an additional 21,275 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of QuickLogic in the second quarter valued at $171,000. 31.54% of the stock is currently 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.