indie Semiconductor (NASDAQ:INDI) Shares Down 8.5% – Should You Sell?

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price fell 8.5% during mid-day trading on Thursday . The company traded as low as $3.44 and last traded at $3.3850. 2,116,565 shares were traded during trading, a decline of 26% from the average session volume of 2,872,197 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

Several research firms have issued reports on INDI. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of indie Semiconductor from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Finally, UBS Group lifted their price objective on indie Semiconductor from $4.50 to $5.00 and gave the stock a “hold” rating in a report on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $6.60.

indie Semiconductor Stock Down 6.8%

The company has a market capitalization of $757.51 million, a PE ratio of -4.57 and a beta of 2.53. The company’s fifty day moving average is $3.97 and its 200-day moving average is $4.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.18 and a current ratio of 3.75.

Insider Activity

In other news, CFO Naixi Wu sold 12,448 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $3.67, for a total value of $45,684.16. Following the transaction, the chief financial officer directly owned 76,969 shares in the company, valued at $282,476.23. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Wittmann sold 37,500 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was 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 directly owned 94,005 shares of the company’s stock, valued at approximately $351,578.70. This trade represents a 28.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 303,473 shares of company stock worth $1,171,700. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDI. Elemental Capital Partners LLC bought a new stake in shares of indie Semiconductor during the third quarter valued at approximately $30,979,000. Tudor Investment Corp ET AL bought a new stake in indie Semiconductor in the 3rd quarter valued at $22,385,000. Bamco Inc. NY lifted its stake in indie Semiconductor by 23.5% in the 2nd quarter. Bamco Inc. NY now owns 25,294,776 shares of the company’s stock worth $90,049,000 after purchasing an additional 4,813,397 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of indie Semiconductor by 29.9% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 17,960,663 shares of the company’s stock valued at $63,940,000 after purchasing an additional 4,139,349 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of indie Semiconductor by 456.6% during the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after purchasing an additional 3,037,435 shares in 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.