Timothy Saxe, the Senior Vice President and Chief Technology Officer of QuickLogic Corp (NASDAQ:QUIK), has recently sold a portion of his company stock. According to a recent SEC filing, Saxe sold 10,886 shares of QuickLogic common stock on December 5, 2024, at a weighted average price of $7.3879 per share. This transaction amounts to a total value of approximately $80,424. The sale comes as the $111 million market cap company trades near its 52-week low of $6.75, with InvestingPro data showing the stock has declined nearly 38% over the past six months.
The shares were sold to cover taxes from restricted stock units that vested on November 28, 2024. Post-transaction, Saxe retains ownership of 117,609 shares in the company. The shares were sold in multiple transactions, with prices ranging from $7.345 to $7.3905. While the company currently shows a Fair Value gap according to InvestingPro analysis, analysts maintain a strong buy rating with price targets ranging from $10 to $13. Subscribers can access 8 additional ProTips and comprehensive financial analysis in the Pro Research Report.
In other recent news, QuickLogic Corporation, a key player in the embedded FPGA (eFPGA) market, experienced a decline in Q3 2024 year-over-year revenue, reporting a total of $4.3 million. Despite this, the company expects a Q4 upturn with a projected revenue of $6 million, aiming for non-GAAP profitability for the quarter and the year. QuickLogic's Q3 non-GAAP net loss was reported at $0.9 million.
The company attributes the revenue dip to delays in contract finalizations, pushing expected revenue recognition into Q1 2025. However, it remains optimistic due to a robust contract funnel valued at $164 million and increased interest following a competitor's market exit.
QuickLogic has also renewed an OEM agreement with Synopsys (NASDAQ:SNPS) to integrate enhanced capabilities into their Aurora open-source tool. The company is focusing on eFPGA Hard IP optimized for Intel (NASDAQ:INTC) 18A, with proposals in the Defense Industrial Base and other sectors. Furthermore, QuickLogic anticipates growth in 2025 due to a more diversified customer base and favorable market conditions.
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