The stock of QuickLogic Corporation (NASDAQ:QUIK) is now priced at $3.5 and the shares are 0.2 points up or 6.06% higher compared to its previous closing price of $3.3. The stock had 97306 contracts set over the past session. QUIK shares’ daily volume is compared to its average trading volume at 105893 shares. However, it has a float of 8.3 million and although its performance was -1.79% over the week, it’s one to watch. QUIK share price recently placing at $3.06 to $3.37. However, some brokerage firms have priced the stock below the average, including one that has called $3.5.
The shorts are running away from the QuickLogic Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the QUIK shares have declined. Short interest in the stock represents just 2.07% of its float, but the volume has dropped by -177232. The volume of shorted shares dropped to 171570 from 348802 shares over the last two weeks. The average intraday trading volume has been 235257 shares, which means that days to cover moved to roughly 1.
In the last trading session, QuickLogic Corporation (NASDAQ:QUIK) raised by $0.09 over the week and lost -$0.97 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.82. The stock recorded its established 52-week high on 01/06/20.
Since 03/19/20, the stock has traded to a low of $2.12 at 65.31%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.88. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, QuickLogic Corporation’s two-week RSI is 46.67. This suggests that the stock is neutral at the moment and that QUIK shares’ price movement remains stable. The stochastic readings are equally revealing at 56.79% meaning the QUIK share price is currently in neutral territory.
The technical chart shows that the QUIK stock will likely settle at between $3.43 and $3.55 per share. However, if the stock dips below $3.12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.93.
Currently, the stock is trading in the green of MACD, with a reading of 0.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned QUIK a rating of Outperform in their intiating review released on August 15. ROTH Capital analysts see the stock as a Buy, but they also raised the share’s target price from $2 to $2.50 in a flash note released to investors on January 19. ROTH Capital seeing the improvements upgraded the stock from Neutral to Buy on September 11.
The average rating for the QUIK equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking QuickLogic Corporation polled by Reuters, 1 rated QUIK as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the QUIK stocks P/S ratio currently stands at 0below the group’s average of 26.7. QuickLogic Corporation has its P/E ratio at 3.5, which means that the stock is currently trading at a discount relative to the 5.4 industry average.