Needham & Company LLC Reiterates Buy Rating for QuickLogic (NASDAQ:QUIK)

QuickLogic (NASDAQ:QUIK)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $20.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 83.23% from the stock’s previous close.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of QuickLogic in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, QuickLogic currently has an average rating of “Hold” and a consensus price target of $21.00.

QuickLogic Trading Down 2.8%

Shares of QUIK traded down $0.32 during mid-day trading on Monday, reaching $10.92. 72,775 shares of the company were exchanged, compared to its average volume of 347,517. The business has a 50 day simple moving average of $11.98 and a two-hundred day simple moving average of $14.33. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.06 and a current ratio of 2.15. The stock has a market capitalization of $199.94 million, a PE ratio of -14.19 and a beta of 1.20. QuickLogic has a 52 week low of $5.28 and a 52 week high of $24.33.

QuickLogic (NASDAQ:QUIK) last posted its quarterly earnings data on Tuesday, August 11th. The semiconductor company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $5.48 million during the quarter, compared to the consensus estimate of $6.00 million. QuickLogic had a negative return on equity of 45.22% and a negative net margin of 80.18%. On average, analysts predict that QuickLogic will post -0.26 earnings per share for the current fiscal year.

Insider Activity at QuickLogic

In other news, VP Timothy Saxe sold 15,190 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $10.80, for a total value of $164,052.00. Following the transaction, the vice president owned 143,976 shares in the company, valued at $1,554,940.80. This trade represents a 9.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian C. Faith sold 25,292 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $10.80, for a total value of $273,153.60. Following the sale, the chief executive officer owned 255,791 shares of the company’s stock, valued at $2,762,542.80. This trade represents a 9.00% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 90,044 shares of company stock valued at $950,748. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QuickLogic

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of QuickLogic by 14,694.5% in the first 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. Themes Management Co LLC bought a new stake in QuickLogic in the 1st quarter worth about $1,309,000. Sei Investments Co. purchased a new stake in QuickLogic in the 1st quarter valued at about $987,000. Bank of New York Mellon Corp bought a new position in shares of QuickLogic during the 2nd quarter worth approximately $754,000. Finally, Perkins Capital Management Inc. increased its position in shares of QuickLogic by 11.2% during 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. 31.54% of the stock is owned by hedge funds and other institutional investors.

About QuickLogic

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.