Nader Elias, Chief Financial Officer and Senior Vice President of Finance at QuickLogic Corp (NASDAQ:QUIK), sold 8,711 shares of the company's common stock on December 5, 2024. The transaction comes as the stock has experienced significant volatility, with shares down approximately 38% over the past six months and currently trading near its 52-week low of $6.75. The shares were sold at a weighted average price of $7.386, totaling approximately $64,339. Following this transaction, Elias holds 60,955 shares directly. According to the filing, the shares were sold to cover taxes from restricted stock units that vested on November 28, 2024. While analysts maintain a Strong Buy rating with a price target range of $10-13, InvestingPro analysis suggests the stock is currently overvalued. Get access to 10 additional exclusive ProTips and comprehensive valuation metrics with InvestingPro.
In other recent news, QuickLogic Corporation, a significant figure in the embedded FPGA (eFPGA) market, anticipates growth despite a dip in Q3 revenue. The company reported Q3 2024 revenue of $4.3 million, a 36% decrease year-over-year, but a 4% increase from Q2 2024. Despite this, QuickLogic expects a Q4 revenue upswing to around $6 million, primarily due to IP contract delays, and is aiming for non-GAAP profitability for the quarter and the full year. The company also forecasts positive cash flow in Q1 2025 and projects Q4 cash usage to be under $500,000.
Among other recent developments, QuickLogic has expanded its distribution agreements internationally and anticipates growth in shipments of its EOS S3 chips. The company also renewed an OEM agreement with Synopsys (NASDAQ:SNPS) to integrate enhanced capabilities into their Aurora open-source tool. QuickLogic is also focusing on eFPGA Hard IP optimized for Intel (NASDAQ:INTC) 18A, with proposals in the Defense Industrial Base and other sectors. Despite not being selected for two chiplet proposals valued at $40 million, the company's contract funnel currently stands at $164 million, indicating potential for future growth.
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