indie Semiconductor, Inc. (NASDAQ:INDI) Short Interest Update

indie Semiconductor, Inc. (NASDAQ:INDI) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 65,575,813 shares, an increase of 33.8% from the February 26th total of 49,005,000 shares. Based on an average daily trading volume, of 9,796,993 shares, the days-to-cover ratio is currently 6.7 days. Currently, 31.1% of the shares of the company are sold short.

Insider Activity

In related news, COO Michael Wittmann sold 37,500 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $3.50, for a total transaction of $131,250.00. Following the sale, the chief operating officer owned 123,885 shares in the company, valued at $433,597.50. This represents a 23.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Ichiro Aoki sold 100,000 shares of the firm’s stock in a transaction dated Thursday, March 26th. The stock was sold at an average price of $3.28, for a total transaction of $328,000.00. Following the completion of the transaction, the president directly owned 100,952 shares in the company, valued at $331,122.56. This represents a 49.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 643,066 shares of company stock valued at $2,064,563. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of institutional investors have recently added to or reduced their stakes in INDI. HBK Sorce Advisory LLC bought a new position in indie Semiconductor during the 3rd quarter valued at $41,000. Evergreen Capital Management LLC bought a new stake in shares of indie Semiconductor in the 2nd quarter worth $37,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of indie Semiconductor by 45,829.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after buying an additional 10,999 shares during the period. Jump Financial LLC bought a new position in indie Semiconductor during the second quarter valued at about $39,000. Finally, Gainplan LLC acquired a new position in indie Semiconductor during the fourth quarter worth about $39,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented 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 set a $4.25 target price on shares of indie Semiconductor in a research report on Sunday, February 22nd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, indie Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.45.

indie Semiconductor Stock Performance

Shares of NASDAQ INDI traded down $0.05 during midday trading on Friday, reaching $3.19. 4,000,467 shares of the company traded hands, compared to its average volume of 7,111,295. The company has a market cap of $713.48 million, a price-to-earnings ratio of -4.37 and a beta of 2.55. The stock has a 50-day moving average price of $3.46 and a 200 day moving average price of $3.97. indie Semiconductor has a 52 week low of $1.53 and a 52 week high of $6.05. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.73 and a quick ratio of 3.10.

indie Semiconductor (NASDAQ:INDI) last announced its earnings results on Thursday, February 19th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The firm had revenue of $58.01 million during the quarter, compared to analyst estimates of $57.11 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. indie Semiconductor’s revenue was up .0% compared to the same quarter last year. Sell-side analysts anticipate that indie Semiconductor will post -0.54 earnings per share for the current fiscal year.

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.