QuickLogic Corporation (NASDAQ:QUIK) Sees Large Growth in Short Interest

QuickLogic Corporation (NASDAQ:QUIK) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 1,438,582 shares, an increase of 80.0% from the June 15th total of 799,032 shares. Based on an average daily volume of 640,870 shares, the days-to-cover ratio is presently 2.2 days. Currently, 8.2% of the company’s stock are short sold.

QuickLogic Price Performance

NASDAQ:QUIK opened at $13.00 on Friday. QuickLogic has a 52-week low of $4.80 and a 52-week high of $24.33. The company has a market cap of $236.99 million, a P/E ratio of -14.61 and a beta of 1.17. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.53 and a current ratio of 1.68. The stock’s 50-day simple moving average is $19.19 and its 200 day simple moving average is $12.82.

QuickLogic (NASDAQ:QUIK) last issued its quarterly earnings results on Tuesday, May 12th. The semiconductor company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The company had revenue of $5.05 million for the quarter, compared to analyst estimates of $5.51 million. QuickLogic had a negative net margin of 102.41% and a negative return on equity of 48.97%. As a group, sell-side analysts forecast that QuickLogic will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other QuickLogic news, Director Gary H. Tauss sold 2,195 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.20, for a total transaction of $42,144.00. Following the sale, the director directly owned 15,908 shares in the company, valued at approximately $305,433.60. This trade represents a 12.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joyce Kim sold 5,500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $20.00, for a total transaction of $110,000.00. Following the sale, the director owned 2,140 shares in the company, valued at approximately $42,800. The trade was a 71.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 49,175 shares of company stock valued at $1,000,410. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QuickLogic

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of QuickLogic by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 655,877 shares of the semiconductor company’s stock valued at $3,975,000 after acquiring an additional 28,587 shares during the period. Royal Bank of Canada lifted its position 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 buying an additional 345,762 shares during the last quarter. Perkins Capital Management Inc. lifted its position in shares of 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 buying an additional 31,000 shares during the last quarter. Raymond James Financial Inc. boosted its stake in shares of QuickLogic by 2.8% during the 2nd 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 during the period. Finally, Cadent Capital Advisors LLC bought a new position in shares of QuickLogic during the 4th quarter worth approximately $1,036,000. 31.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QUIK. Lake Street Capital reiterated a “buy” rating and set a $22.00 price objective (up from $11.00) on shares of QuickLogic in a report on Wednesday, May 13th. Needham & Company LLC started coverage on QuickLogic in a research note on Wednesday, May 20th. They issued a “buy” rating and a $22.00 target price on the stock. Wall Street Zen raised QuickLogic from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of QuickLogic in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, QuickLogic has an average rating of “Hold” and an average target price of $22.00.

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.