Insider Selling: QuickLogic (NASDAQ:QUIK) Director Sells 1,500 Shares

QuickLogic Corporation (NASDAQ:QUIK) Director Gary Tauss sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $10.44, for a total transaction of $15,660.00. Following the transaction, the director directly owned 19,654 shares of the company’s stock, valued at $205,187.76. This trade represents a 7.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

QuickLogic Trading Down 1.9%

Shares of QUIK traded down $0.19 during mid-day trading on Wednesday, reaching $10.01. The company had a trading volume of 315,057 shares, compared to its average volume of 350,797. The stock has a market cap of $183.38 million, a price-to-earnings ratio of -13.00 and a beta of 1.20. The company has a current ratio of 2.15, a quick ratio of 2.06 and a debt-to-equity ratio of 0.03. The firm has a fifty day simple moving average of $12.52 and a 200-day simple moving average of $14.23. QuickLogic Corporation has a fifty-two week low of $5.28 and a fifty-two week high of $24.33.

QuickLogic (NASDAQ:QUIK) last issued its earnings results on Tuesday, August 11th. The semiconductor company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $5.48 million during the quarter, compared to analyst estimates of $6.00 million. QuickLogic had a negative net margin of 80.18% and a negative return on equity of 45.22%. On average, sell-side analysts anticipate that QuickLogic Corporation will post -0.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QUIK. Needham & Company LLC decreased their price objective on shares of QuickLogic from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of QuickLogic in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.00.

Institutional Trading of QuickLogic

A number of hedge funds have recently made changes to their positions in QUIK. Bank of New York Mellon Corp purchased a new position in shares of QuickLogic in the second quarter valued at $754,000. Bank of America Corp DE increased its position in shares of QuickLogic by 382.8% during the first quarter. Bank of America Corp DE now owns 28,771 shares of the semiconductor company’s stock worth $270,000 after acquiring an additional 22,812 shares during the last quarter. Royal Bank of Canada lifted its stake 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 worth $3,266,000 after acquiring an additional 345,762 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in QuickLogic in the first quarter valued at about $151,000. Finally, Themes Management Co LLC acquired a new position in shares of QuickLogic in the 1st quarter valued at approximately $1,309,000. Hedge funds and other institutional investors own 31.54% of the company’s stock.

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.