indie Semiconductor (NASDAQ:INDI) Trading Up 5.1% – Time to Buy?

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price traded up 5.1% on Friday . The company traded as high as $2.59 and last traded at $2.5650. 709,957 shares changed hands during trading, a decline of 84% from the average session volume of 4,318,623 shares. The stock had previously closed at $2.44.

Wall Street Analysts Forecast Growth

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

indie Semiconductor Trading Up 3.1%

The business’s 50 day simple moving average is $3.73 and its 200 day simple moving average is $4.10. The stock has a market cap of $552.37 million, a price-to-earnings ratio of -3.45 and a beta of 2.55. The company has a quick ratio of 3.10, a current ratio of 3.73 and a debt-to-equity ratio of 0.88.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $58.01 million for the quarter, compared to analyst estimates of $57.11 million. indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. indie Semiconductor’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 earned ($0.07) EPS. On average, research analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Donald Mcclymont sold 90,644 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $3.56, for a total value of $322,692.64. Following the completion of the sale, the chief executive officer directly owned 282,393 shares of the company’s stock, valued at $1,005,319.08. This trade represents a 24.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Naixi Wu sold 17,162 shares of indie Semiconductor stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $3.56, for a total value of $61,096.72. Following the transaction, the chief financial officer owned 76,969 shares of the company’s stock, valued at $274,009.64. This represents a 18.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 393,420 shares of company stock worth $1,446,529 over the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

Several large investors have recently modified their holdings of INDI. Elemental Capital Partners LLC bought a new position in indie Semiconductor in the 3rd quarter valued at about $30,979,000. Vanguard Group Inc. boosted its holdings in shares of indie Semiconductor by 9.6% during the third quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock worth $62,203,000 after acquiring an additional 1,334,145 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of indie Semiconductor in the second quarter valued at approximately $276,000. Caxton Associates LLP acquired a new stake in indie Semiconductor during the 2nd quarter worth approximately $887,000. Finally, Bamco Inc. NY boosted 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 valued at $90,049,000 after purchasing an additional 4,813,397 shares during the period. 67.73% of the stock is 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.