Geode Capital Management LLC Trims Stock Position in QuickLogic Co. (NASDAQ:QUIK)

Geode Capital Management LLC trimmed its stake in QuickLogic Co. (NASDAQ:QUIK) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 306,267 shares of the semiconductor company’s stock after selling 5,449 shares during the quarter. Geode Capital Management LLC owned approximately 2.12% of QuickLogic worth $2,349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in QUIK. Quest Partners LLC raised its stake in QuickLogic by 5,067.5% in the 3rd quarter. Quest Partners LLC now owns 10,955 shares of the semiconductor company’s stock valued at $84,000 after purchasing an additional 10,743 shares during the last quarter. Cutter & CO Brokerage Inc. purchased a new stake in shares of QuickLogic during the third quarter worth about $106,000. XTX Topco Ltd purchased a new stake in shares of QuickLogic during the second quarter worth about $127,000. Barclays PLC raised its position in shares of QuickLogic by 34.8% in the third quarter. Barclays PLC now owns 19,676 shares of the semiconductor company’s stock valued at $150,000 after buying an additional 5,079 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of QuickLogic during the second quarter valued at approximately $172,000. 31.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at QuickLogic

In other QuickLogic news, CFO Elias Nader sold 8,711 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $7.39, for a total transaction of $64,374.29. Following the transaction, the chief financial officer now directly owns 60,955 shares in the company, valued at $450,457.45. This represents a 12.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Timothy Saxe sold 10,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.95, for a total transaction of $69,500.00. Following the transaction, the vice president now directly owns 108,004 shares of the company’s stock, valued at approximately $750,627.80. This represents a 8.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,117 shares of company stock worth $381,460 in the last 90 days. 2.49% of the stock is owned by corporate insiders.

QuickLogic Price Performance

Shares of NASDAQ QUIK opened at $10.68 on Wednesday. The company has a market capitalization of $157.07 million, a price-to-earnings ratio of -106.80 and a beta of 1.42. QuickLogic Co. has a 1-year low of $6.75 and a 1-year high of $20.75. The business has a 50-day moving average of $8.35 and a 200-day moving average of $8.83. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.12 and a quick ratio of 1.05.

QuickLogic (NASDAQ:QUIK) last released its quarterly earnings results on Monday, November 11th. The semiconductor company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $4.27 million for the quarter, compared to analysts’ expectations of $4.20 million. QuickLogic had a negative return on equity of 7.30% and a negative net margin of 6.83%. During the same period last year, the firm earned $0.08 EPS. On average, equities analysts anticipate that QuickLogic Co. will post -0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Craig Hallum lowered their target price on shares of QuickLogic from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Northland Securities initiated coverage on shares of QuickLogic in a report on Tuesday, December 17th. They issued an “outperform” rating and a $11.60 target price for the company. Northland Capmk upgraded shares of QuickLogic to a “strong-buy” rating in a report on Tuesday, December 17th. Finally, StockNews.com raised QuickLogic to a “sell” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.53.

QuickLogic Profile

QuickLogic Corporation operates as a fabless semiconductor company in the United States. The company offers embedded FPGA intellectual property, low power, multicore semiconductor system-on-chips, discrete FPGAs, and AI software; and end-to-end artificial intelligence/machine learning solution with accurate sensor algorithms using AI technology.