QuickLogic Gains Over 5% On Distribution Agreement With Mouser
Shares of QuickLogic gained 5.5% on Tuesday after the fabless semiconductor company announced the signing of a global distribution agreement with Mouser Electronics.
QuickLogic’s (QUIK) newly signed agreement with Mouser will provide chip design engineers easy access to its EOS S3 low-power Microcontrollers and development kits. Per the agreement, Mouser will initially stock QuickLogic’s EOS S3 Sensor Processing Platform and QuickFeather Development Kit.
QuickLogic CEO Brian Faith said, "Mouser Electronics is a well-recognized semiconductor distributor with global reach." He further added, "Mouser's stocking model ensures short lead times, enabling customers to obtain our products quickly so that they can go from idea to design within days." (See QuickLogic stock analysis on TipRanks)
On March 15, QuickLogic received a major US defense contract. The company was selected as the authorized supplier of embedded FPGA IP and open-source FPGA tools by the U.S. Defense Advanced Research Projects Agency (DARPA).
Following QuickLogic's agreement with DARPA, Oppenheimer analyst Martin Yang reiterated his Buy rating on the stock. In a note to investors, Yang wrote, “After catching up briefly with management after the announcement, we believe QUIK's inclusion in the initiative offers the company broader licensing opportunities among military, aerospace, and defense (M/A/D) customers.” The analyst has a price target of $8 (1.8% upside potential) on the stock.
Overall, the rest of the Street has a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average analyst price target of $7.67 implies downside potential of about 2.4% to current levels. Shares have gained over 201% in one year.
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