Zacks Investment Research Lowers QuickLogic (NASDAQ:QUIK) to Sell

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Zacks Investment Research cut shares of QuickLogic (NASDAQ:QUIK) from a buy rating to a sell rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “QuickLogic Corporation is a semiconductor provider of ultra-low power, comprehensive, flexible sensor processing solutions enabling significantly longer battery life for the Smartphone, Wearable, and IoT markets. They are the only company integrating multi-core processing, programmable logic, sensor fusion and context aware algorithms, and embedded software. QuickLogic accelerates the pace of innovation for always-on motion, light, environmental, location, and voice-enabled user experiences. “

Separately, Roth Capital cut QuickLogic from a buy rating to a neutral rating in a report on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. QuickLogic has an average rating of Hold and a consensus price target of $1.00.

NASDAQ:QUIK opened at $0.39 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 1.86. The stock’s 50-day moving average is $0.51 and its 200-day moving average is $0.70. QuickLogic has a 1-year low of $0.30 and a 1-year high of $1.19.

QuickLogic (NASDAQ:QUIK) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). The firm had revenue of $2.09 million for the quarter, compared to the consensus estimate of $2.20 million. QuickLogic had a negative return on equity of 77.17% and a negative net margin of 120.05%. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, research analysts forecast that QuickLogic will post -0.12 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Taylor Frigon Capital Management LLC boosted its holdings in QuickLogic by 12.5% in the first quarter. Taylor Frigon Capital Management LLC now owns 4,289,572 shares of the semiconductor company’s stock valued at $2,619,000 after acquiring an additional 475,220 shares during the last quarter. Intel Corp bought a new stake in QuickLogic in the first quarter valued at approximately $218,000. NJ State Employees Deferred Compensation Plan boosted its holdings in QuickLogic by 46.7% in the first quarter. NJ State Employees Deferred Compensation Plan now owns 220,000 shares of the semiconductor company’s stock valued at $134,000 after acquiring an additional 70,000 shares during the last quarter. Jane Street Group LLC bought a new stake in QuickLogic in the fourth quarter valued at approximately $27,000. Finally, BlackRock Inc. boosted its holdings in QuickLogic by 2.3% in the fourth quarter. BlackRock Inc. now owns 1,647,691 shares of the semiconductor company’s stock valued at $1,209,000 after acquiring an additional 37,465 shares during the last quarter. Institutional investors and hedge funds own 11.43% of the company’s stock.

QuickLogic Company Profile

QuickLogic Corporation, a semiconductor company, develops semiconductor platforms and intellectual property solutions for smartphones, wearable and hearable devices, tablets, and the Internet-of-Things. It also provides flexible sensor processing solutions, ultra-low power display bridges, ultra-low field programmable gate arrays (FPGAs), and programming hardware and design software solutions.

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