QuickLogic (NASDAQ:QUIK) Downgraded by Zacks Investment Research

QuickLogic (NASDAQ:QUIKGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, 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, StockNews.com started coverage on shares of QuickLogic in a research note on Tuesday. They issued a “hold” rating on the stock.

QUIK stock opened at $5.19 on Wednesday. QuickLogic has a fifty-two week low of $4.25 and a fifty-two week high of $8.00. The firm’s 50-day simple moving average is $5.18 and its 200 day simple moving average is $5.43. The stock has a market cap of $64.16 million, a PE ratio of -9.11 and a beta of 2.28.

QuickLogic (NASDAQ:QUIKGet Rating) last posted its quarterly earnings data on Wednesday, February 16th. The semiconductor company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.01. QuickLogic had a negative net margin of 52.16% and a negative return on equity of 68.80%. The company had revenue of $3.71 million during the quarter, compared to analyst estimates of $3.90 million. During the same quarter last year, the firm posted ($0.26) EPS. On average, analysts expect that QuickLogic will post -0.24 earnings per share for the current fiscal year.

In other news, VP Timothy Saxe sold 21,409 shares of the company’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $4.36, for a total transaction of $93,343.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian C. Faith sold 41,170 shares of the stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $4.36, for a total transaction of $179,501.20. The disclosure for this sale can be found here. Insiders own 2.88% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of QUIK. Morgan Stanley increased its holdings in QuickLogic by 40.1% during the first quarter. Morgan Stanley now owns 6,647 shares of the semiconductor company’s stock worth $46,000 after buying an additional 1,904 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of QuickLogic by 60.3% in the 4th quarter. Millennium Management LLC now owns 19,107 shares of the semiconductor company’s stock worth $98,000 after acquiring an additional 7,189 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of QuickLogic by 504.9% in the 4th quarter. JPMorgan Chase & Co. now owns 21,173 shares of the semiconductor company’s stock worth $108,000 after acquiring an additional 17,673 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in QuickLogic by 14.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 25,452 shares of the semiconductor company’s stock valued at $130,000 after buying an additional 3,240 shares during the last quarter. Finally, Advisor Group Holdings Inc. increased its position in QuickLogic by 10.6% during the 3rd quarter. Advisor Group Holdings Inc. now owns 36,528 shares of the semiconductor company’s stock valued at $196,000 after purchasing an additional 3,508 shares during the period. Institutional investors own 21.76% of the company’s stock.

About QuickLogic (Get Rating)

QuickLogic Corp. operates as a semiconductor company, which designs, markets, and supports primarily Customer Specific Standard Products and secondarily, Field Programmable Gate Arrays, sensor software algorithms, software drivers, associated design software and programming hardware. It develops and markets low power customizable semiconductor and software algorithm solutions that enable customers to differentiate their products by adding new features, extending battery life, becoming more contextually aware and improving the visual experience with their mobile, consumer and enterprise products.

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