indie Semiconductor (NASDAQ:INDI) Stock Price Up 12% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI) shares shot up 12% during mid-day trading on Thursday . The company traded as high as $4.62 and last traded at $4.5790. 4,953,978 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 4,490,715 shares. The stock had previously closed at $4.09.

Wall Street Analyst Weigh In

A number of research firms have commented on INDI. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Tuesday, April 21st. UBS Group set a $4.25 price objective on shares of indie Semiconductor in a report on Sunday, February 22nd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $6.45.

indie Semiconductor Stock Down 2.7%

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 company has a market capitalization of $981.87 million, a price-to-earnings ratio of -6.01 and a beta of 2.74. The stock’s fifty day simple moving average is $3.12 and its two-hundred day simple moving average is $3.84.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The company had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $57.11 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The business’s revenue was up .0% compared to the same quarter last year. On average, sell-side analysts anticipate that indie Semiconductor, Inc. will post -0.44 EPS for the current year.

Insiders Place Their Bets

In other news, President Ichiro Aoki sold 100,000 shares of the firm’s stock in a transaction on 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 sale, the president directly owned 100,952 shares of the company’s stock, valued at $331,122.56. This trade represents a 49.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Donald Mcclymont sold 90,644 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $3.56, for a total value of $322,692.64. Following the sale, the chief executive officer owned 282,393 shares in the company, valued at approximately $1,005,319.08. The trade was a 24.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 862,682 shares of company stock worth $2,890,378. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On indie Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDI. Elemental Capital Partners LLC purchased a new position in shares of indie Semiconductor during the third quarter valued at $30,979,000. Tudor Investment Corp ET AL purchased a new stake in indie Semiconductor in the 3rd quarter worth about $22,385,000. Millennium Management LLC lifted 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 worth $7,535,000 after acquiring an additional 3,037,435 shares in the last quarter. Wasatch Advisors LP boosted its position in indie Semiconductor by 130.0% during the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company’s stock worth $12,272,000 after acquiring an additional 2,154,279 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in indie Semiconductor by 117.0% during the 4th quarter. Handelsbanken Fonder AB now owns 3,428,175 shares of the company’s stock worth $12,101,000 after acquiring an additional 1,848,489 shares during the period. 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.