indie Semiconductor (NASDAQ:INDI) Trading 7.8% Higher – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price traded up 7.8% during trading on Tuesday . The company traded as high as $3.98 and last traded at $3.9450. 1,087,837 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 2,120,958 shares. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

INDI has been the subject of several analyst reports. UBS Group upped their target price on shares of indie Semiconductor from $4.50 to $5.00 and gave the company a “hold” rating in a research note on Monday, November 10th. Roth Capital reiterated a “buy” rating and set a $8.00 price objective on shares of indie Semiconductor in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered 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 issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.60.

indie Semiconductor Stock Up 8.6%

The company has a quick ratio of 3.18, a current ratio of 3.75 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $873.03 million, a price-to-earnings ratio of -5.33 and a beta of 2.54. The business has a fifty day simple moving average of $4.07 and a two-hundred day simple moving average of $4.19.

indie Semiconductor (NASDAQ:INDI) last announced its 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). The business had revenue of $53.68 million during the quarter, compared to analyst estimates of $53.98 million. indie Semiconductor had a negative return on equity of 28.84% and a negative net margin of 66.84%.The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) earnings per share. Equities analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Activity at indie Semiconductor

In other news, CFO Naixi Wu sold 10,386 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $4.44, for a total transaction of $46,113.84. Following the completion of the sale, the chief financial officer owned 67,542 shares in the company, valued at $299,886.48. The trade was a 13.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Donald Mcclymont sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $4.09, for a total value of $409,000.00. Following the transaction, the chief executive officer owned 48,130 shares in the company, valued at approximately $196,851.70. The trade was a 67.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 815,828 shares of company stock worth $3,596,726. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of large investors have recently made changes to their positions in INDI. ProShare Advisors LLC boosted its stake in shares of indie Semiconductor by 9.0% during the 2nd quarter. ProShare Advisors LLC now owns 39,775 shares of the company’s stock worth $142,000 after acquiring an additional 3,300 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of indie Semiconductor by 9.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 45,619 shares of the company’s stock worth $162,000 after acquiring an additional 3,898 shares in the last quarter. CWM LLC grew its holdings in shares of indie Semiconductor by 34.7% in the second quarter. CWM LLC now owns 15,215 shares of the company’s stock valued at $54,000 after purchasing an additional 3,916 shares in the last quarter. Envestnet Asset Management Inc. increased its position in indie Semiconductor by 32.1% in the third quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock worth $66,000 after purchasing an additional 3,921 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in indie Semiconductor by 27.0% during the second quarter. Ameritas Investment Partners Inc. now owns 19,804 shares of the company’s stock valued at $71,000 after purchasing an additional 4,207 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

indie Semiconductor Company Profile

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.