Here’s Why QuickLogic Corporation (QUIK) Stock Declined -4.55% Today

The biggest losers of the session on the Wall Street include QuickLogic Corporation (NASDAQ:QUIK), which fell -0.03 points or -4.55% to trade at $0.55 as last check. The stock closed last session at $0.58 and sets an active trading volume day with a reported 231233 contracts so far this session. QUIK shares had a relatively better volume day versus average trading capacity of 245.68 thousand shares, but with a 0.11 billion float and a -0.66% run over a week, it’s definitely worth keeping an eye on. QUIK share price has been trading recently between $0.57 and $0.59. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $0.5.

The shorts are running away from QuickLogic Corporation (QUIK) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a drop in short interest in QUIK shares. While short interest still represents only 2.93% of QUIK’s float, the number of shares shorted have fallen by -47273. The number of shares shorted fell to 3351923 shares, down from 3399196 shares during the preceding fortnight. With average daily trading volumes at 699442 shares, days to cover decreased to about 31.94763 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “SensiML and Neurosense Announce Strategic Partnership for Highly Integrated Intelligent Edge Technology Platform” and dated July 10, 2019.

During the recent trading session for QuickLogic Corporation (NASDAQ:QUIK), the company witnessed their stock drop by $-0.01 over a week and tumble down $-0.22 from the price 20 days ago. When compared to their established 52-week high of $1.19, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 02/05/19. The recent low of $0.47 stood for a -53.78% since 06/19/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.49 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for QuickLogic Corporation, the two-week RSI stands at 34.79. This figure suggests that QUIK stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current QUIK readings is similarly very revealing as it has a stochastic reading of 26.12% at this stage. This figure means that QUIK share price today is being overbought.

Technical chart claims that QuickLogic Corporation (QUIK) would settle between $0.59/share to $0.6/share level. However, if the stock price goes below the $0.57 mark, then the market for QuickLogic Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $0.56 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.01. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at ROTH Capital lifted target price for shares of QUIK but were stick to Buy recommendation for the stock in their opinion released on January 19. The price target has been raised from $2 to $2.50. ROTH Capital analysts bumped their rating on QuickLogic Corporation (NASDAQ:QUIK) stock from Neutral to Buy in a separate flash note issued to investors on September 11. Analysts at ROTH Capital lowered the stock to a Neutral call from its previous Buy recommendation, in a research note that dated back to May 11.

QUIK equity has an average rating of 2.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated QuickLogic Corporation (NASDAQ:QUIK) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, QUIK stock price is currently trading at 23.05X forward 12-month Consensus EPS estimates, and its P/S ratio is 5.12 while for the average stock in the same group, the multiple is 8.3.

QuickLogic Corporation (QUIK)’s current-quarter revenues are projected to climb by nearly -29.49% to hit $2.2 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 54.41% from $12.63 million to a noteworthy $19.5 million. At the other end of the current quarter income statement, QuickLogic Corporation is expected to see its adjusted earnings surge by roughly 0% to hit $-0.04 per share. For the fiscal year, QUIK’s earnings are projected to climb by roughly 42.86% to hit $-0.08 per share.