Brian Faith, the President and CEO of QuickLogic Corp (NASDAQ:QUIK), recently executed a sale of 21,402 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold to cover taxes from restricted stock units that vested on November 28, 2024. The transaction, which took place on December 5, 2024, was conducted at a weighted average price of $7.3862 per share, amounting to a total of $158,079. According to InvestingPro data, the stock has experienced significant volatility, declining nearly 38% over the past six months, though analysts maintain a strong buy recommendation with price targets ranging from $10 to $13.
Following this sale, Faith holds 193,584 shares directly. The shares were sold in multiple transactions at prices ranging from $7.3160 to $7.3905. Faith has committed to providing full details of the number of shares sold at each price upon request. While current trading suggests the stock is fairly valued based on InvestingPro's Fair Value analysis, subscribers can access 8 additional ProTips and comprehensive financial metrics to better understand the company's position and prospects.
In other recent news, QuickLogic Corporation, despite a 36% year-over-year revenue decline in Q3 2024, is forecasting growth. The company reported Q3 revenue of $4.3 million and a non-GAAP net loss of $0.9 million. However, it anticipates Q4 2024 revenue to be around $6 million, primarily due to IP contract delays. QuickLogic is also projecting cash flow positivity in Q1 2025 with Q4 cash usage expected to be under $500,000.
The company is actively focusing on eFPGA Hard IP optimized for Intel (NASDAQ:INTC) 18A, and has expanded its distribution agreements internationally. QuickLogic also renewed an OEM agreement with Synopsys (NASDAQ:SNPS) to integrate enhanced capabilities into their Aurora open-source tool. Despite recent setbacks, the company remains optimistic due to a strong contract funnel valued at $164 million and increased interest following a competitor's market exit. These are some of the recent developments in the company's strategic initiatives.
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