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

indie Semiconductor, Inc. (NASDAQ:INDI) shares were down 8.5% during trading on Monday . The company traded as low as $3.67 and last traded at $3.6970. Approximately 1,451,032 shares were traded during trading, a decline of 72% from the average session volume of 5,116,526 shares. The stock had previously closed at $4.04.

Wall Street Analyst Weigh In

Several brokerages have commented on INDI. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Friday, July 17th. TD Cowen lifted their price objective on indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, July 13th. Roth Capital set a $5.00 price objective on indie Semiconductor in a report on Friday. Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, UBS Group boosted their target price on indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.75.

indie Semiconductor Price Performance

The company has a current ratio of 4.11, a quick ratio of 3.39 and a debt-to-equity ratio of 1.15. The company has a fifty day moving average price of $3.94 and a two-hundred day moving average price of $3.75. The firm has a market cap of $864.49 million, a P/E ratio of -5.22 and a beta of 2.79.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). indie Semiconductor had a negative return on equity of 30.89% and a negative net margin of 65.18%.The business had revenue of $64.01 million during the quarter, compared to analysts’ expectations of $62.49 million. During the same period in the prior year, the business earned ($0.08) EPS. indie Semiconductor’s revenue for the quarter was up 24.0% compared to the same quarter last year. Equities analysts anticipate that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Insider Activity at indie Semiconductor

In other news, President Ichiro Aoki sold 300,562 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $5.18, for a total value of $1,556,911.16. Following the sale, the president directly owned 107,148 shares in the company, valued at $555,026.64. The trade was a 73.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael Wittmann sold 6,250 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $4.67, for a total value of $29,187.50. Following the transaction, the chief operating officer directly owned 139,352 shares of the company’s stock, valued at $650,773.84. This represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,440,456 shares of company stock valued at $7,262,613. 2.57% of the stock is owned by insiders.

Hedge Funds Weigh In On indie Semiconductor

Several hedge funds have recently made changes to their positions in INDI. Royal Bank of Canada lifted its position in shares of indie Semiconductor by 309.7% in the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock worth $1,122,000 after purchasing an additional 416,519 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in indie Semiconductor by 42.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock valued at $2,040,000 after purchasing an additional 298,339 shares in the last quarter. Millennium Management LLC increased its stake in indie Semiconductor by 456.6% in the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after buying an additional 3,037,435 shares during the last quarter. JPMorgan Chase & Co. increased its stake in indie Semiconductor by 5.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after buying an additional 13,495 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in indie Semiconductor by 24.3% in the 2nd quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock valued at $1,065,000 after buying an additional 58,473 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

About indie Semiconductor

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.