indie Semiconductor (NASDAQ:INDI) Trading Down 5.6% – Here’s What Happened

by · The Cerbat Gem

indie Semiconductor, Inc. (NASDAQ:INDI – Get Free Report)’s stock price traded down 5.6% during trading on Tuesday . The stock traded as low as $3.61 and last traded at $3.6050. 863,943 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 4,085,525 shares. The stock had previously closed at $3.82.

Analyst Ratings Changes

INDI has been the subject of several analyst reports. Roth Capital reissued a “buy” rating and issued a $8.00 price objective on shares of indie Semiconductor in a report on Wednesday, October 15th. UBS Group boosted their price target on indie Semiconductor from $4.50 to $5.00 and gave the company a “hold” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of indie Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, December 13th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, indie Semiconductor has a consensus rating of “Moderate Buy” and a consensus price target of $6.60.

Get Our Latest Research Report on INDI

indie Semiconductor Stock Up 1.8%

The business has a 50-day moving average price of $4.38 and a 200-day moving average price of $4.16. The stock has a market cap of $826.91 million, a PE ratio of -5.02 and a beta of 2.59. The company has a current ratio of 3.75, a quick ratio of 3.18 and a debt-to-equity ratio of 0.86.

indie Semiconductor (NASDAQ:INDI – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). indie Semiconductor had a negative return on equity of 28.84% and a negative net margin of 66.84%.The company had revenue of $53.68 million during the quarter, compared to analysts’ expectations of $53.98 million. During the same period in the previous year, the firm posted ($0.09) EPS. indie Semiconductor’s revenue was down .6% compared to the same quarter last year. As a group, analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current year.

Insider Transactions at indie Semiconductor

In other indie Semiconductor news, CEO Donald Mcclymont sold 100,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $4.09, for a total transaction of $409,000.00. Following the completion of the transaction, the chief executive officer owned 48,130 shares of the company’s stock, valued at $196,851.70. This represents a 67.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael Wittmann sold 37,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $3.74, for a total value of $140,250.00. Following the completion of the transaction, the chief operating officer owned 94,005 shares in the company, valued at approximately $351,578.70. This trade represents a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 815,828 shares of company stock valued at $3,596,726 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of large investors have recently modified their holdings of INDI. Vanguard Group Inc. boosted its position in indie Semiconductor by 1.8% during the first quarter. Vanguard Group Inc. now owns 12,805,999 shares of the company’s stock worth $26,060,000 after acquiring an additional 220,737 shares during the last quarter. Invesco Ltd. grew its position in shares of indie Semiconductor by 105.4% in the first quarter. Invesco Ltd. now owns 191,717 shares of the company’s stock valued at $390,000 after purchasing an additional 98,389 shares in the last quarter. Nuveen LLC purchased a new position in indie Semiconductor during the first quarter worth approximately $818,000. Quantbot Technologies LP acquired a new position in indie Semiconductor during the first quarter worth $311,000. Finally, Hsbc Holdings PLC grew its holdings in indie Semiconductor by 36.5% in the 1st quarter. Hsbc Holdings PLC now owns 19,486 shares of the company’s stock valued at $39,000 after buying an additional 5,213 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

indie Semiconductor Company Profile

(Get Free Report)

indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie’s product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.

Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.

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