indie Semiconductor (NASDAQ:INDI) Trading Down 5.9% – Time to Sell?

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price traded down 5.9% on Monday . The stock traded as low as $2.96 and last traded at $2.9450. 595,819 shares were traded during trading, a decline of 86% from the average session volume of 4,368,650 shares. The stock had previously closed at $3.13.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group set a $4.25 price objective on indie Semiconductor in a research note on Sunday, February 22nd. Wall Street Zen cut indie Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, indie Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.45.

indie Semiconductor Stock Up 2.6%

The company has a market capitalization of $663.15 million, a P/E ratio of -4.06 and a beta of 2.56. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.10 and a current ratio of 3.73. The stock has a 50 day moving average price of $3.28 and a 200 day moving average price of $3.93.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $57.11 million. indie Semiconductor had a negative return on equity of 29.33% and a negative net margin of 66.23%.The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.07) EPS. Equities research analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at indie Semiconductor

In related news, CFO Naixi Wu sold 17,162 shares of indie Semiconductor stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $3.56, for a total value of $61,096.72. Following the completion of the sale, the chief financial officer owned 76,969 shares of the company’s stock, valued at approximately $274,009.64. This trade represents a 18.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael Wittmann sold 18,750 shares of indie Semiconductor stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $2.54, for a total value of $47,625.00. Following the completion of the sale, the chief operating officer directly owned 130,135 shares of the company’s stock, valued at approximately $330,542.90. This trade represents a 12.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 557,682 shares of company stock worth $1,729,088. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

Several large investors have recently added to or reduced their stakes in INDI. Elemental Capital Partners LLC purchased a new stake in indie Semiconductor in the 3rd quarter worth about $30,979,000. Tudor Investment Corp ET AL purchased a new stake in indie Semiconductor in the 3rd quarter worth about $22,385,000. Bamco Inc. NY increased its holdings 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 acquiring an additional 4,813,397 shares during the last quarter. Frontier Capital Management Co. LLC increased its holdings in indie Semiconductor by 29.9% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 17,960,663 shares of the company’s stock worth $63,940,000 after acquiring an additional 4,139,349 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in indie Semiconductor by 456.6% in the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock worth $7,535,000 after acquiring an additional 3,037,435 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.