indie Semiconductor (NASDAQ:INDI) Shares Down 10.3% on Insider Selling

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) traded down 10.3% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $4.13 and last traded at $4.2250. 2,290,078 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 5,325,497 shares. The stock had previously closed at $4.71.

Specifically, COO Michael Wittmann sold 42,468 shares of indie Semiconductor stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $4.10, for a total value of $174,118.80. Following the completion of the transaction, the chief operating officer directly owned 96,884 shares of the company’s stock, valued at approximately $397,224.40. This trade represents a 30.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sonalee Elizabeth Parekh sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $3.80, for a total value of $76,000.00. Following the sale, the director owned 159,789 shares in the company, valued at approximately $607,198.20. The trade was a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

Several equities research analysts recently commented on INDI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research note on Friday, July 17th. Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a research report on Friday, August 7th. TD Cowen lifted their price objective on shares of indie Semiconductor from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, July 13th. Finally, UBS Group boosted their target price on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.75.

indie Semiconductor Price Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 3.65 and a quick ratio of 2.86. The firm has a market cap of $929.56 million, a PE ratio of -5.49 and a beta of 2.79. The business’s fifty day moving average is $3.93 and its 200-day moving average is $3.75.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The business had revenue of $64.01 million for the quarter, compared to the consensus estimate of $62.49 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. indie Semiconductor’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, research analysts predict that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Trading of indie Semiconductor

A number of institutional investors have recently modified their holdings of INDI. Optiver Holding B.V. lifted its position in shares of indie Semiconductor by 7,163.7% during the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock worth $26,000 after acquiring an additional 8,095 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in indie Semiconductor in the first quarter valued at approximately $35,000. Evergreen Capital Management LLC purchased a new stake in indie Semiconductor during the second quarter valued at about $37,000. Caitong International Asset Management Co. Ltd lifted its position in indie Semiconductor by 45,829.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock worth $39,000 after buying an additional 10,999 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of indie Semiconductor in the 2nd quarter worth approximately $39,000. 67.73% of the stock is currently owned by hedge funds and other 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.