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

QuickLogic Corporation (NASDAQ:QUIK) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totaling 1,438,582 shares, a growth 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 currently 2.2 days. Approximately 8.2% of the shares of the stock are sold short.

QuickLogic Price Performance

Shares of QuickLogic stock traded down $0.03 during trading hours on Friday, reaching $13.00. The company’s stock had a trading volume of 317,004 shares, compared to its average volume of 458,286. The stock has a market cap of $236.99 million, a P/E ratio of -14.61 and a beta of 1.17. QuickLogic has a one year low of $4.80 and a one year high of $24.33. 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 firm has a 50 day moving average price of $19.19 and a 200-day moving average price of $12.82.

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

Insider Activity at QuickLogic

In other QuickLogic news, Director Joyce Kim sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $20.00, for a total value of $110,000.00. Following the completion of the transaction, the director directly owned 2,140 shares in the company, valued at $42,800. This represents a 71.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gary H. Tauss sold 2,195 shares of the 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 of the company’s stock, valued at approximately $305,433.60. This trade represents a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 49,175 shares of company stock valued at $1,000,410. 3.20% of the stock is owned by company insiders.

Institutional Trading of QuickLogic

A number of hedge funds have recently added to or reduced their stakes in QUIK. Cadent Capital Advisors LLC bought a new position in shares of QuickLogic during the fourth quarter valued at approximately $1,036,000. Perkins Capital Management Inc. raised its stake in QuickLogic by 34.5% in the fourth quarter. Perkins Capital Management Inc. now owns 275,706 shares of the semiconductor company’s stock worth $1,657,000 after buying an additional 70,750 shares in the last quarter. Royal Bank of Canada lifted its holdings in QuickLogic by 14,694.5% during 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 period. OMERS ADMINISTRATION Corp purchased a new stake in QuickLogic during the first quarter worth $151,000. Finally, Themes Management Co LLC bought a new stake in QuickLogic during the 1st quarter valued at $1,309,000. 31.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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