indie Semiconductor (NASDAQ:INDI) Shares Down 15.1% Following Insider Selling

indie Semiconductor, Inc. (NASDAQ:INDI) fell 15.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $4.03 and last traded at $4.0750. 3,608,548 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 4,830,383 shares. The stock had previously closed at $4.80.

Specifically, COO Michael Wittmann sold 39,645 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $4.80, for a total value of $190,296.00. Following the completion of the transaction, the chief operating officer directly owned 98,309 shares in the company, valued at $471,883.20. This trade represents a 28.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Donald Mcclymont sold 9,425 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $5.12, for a total value of $48,256.00. Following the completion of the transaction, the chief executive officer owned 307,363 shares of the company’s stock, valued at approximately $1,573,698.56. The trade was a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, CFO Naixi Wu sold 12,898 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $5.12, for a total value of $66,037.76. Following the completion of the transaction, the chief financial officer directly owned 114,787 shares in the company, valued at $587,709.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

INDI has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. UBS Group raised their price objective on indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, indie Semiconductor currently has an average rating of “Hold” and an average target price of $6.92.

indie Semiconductor Stock Performance

The stock has a market capitalization of $918.95 million, a price-to-earnings ratio of -5.33 and a beta of 2.73. The firm has a fifty day moving average of $3.91 and a 200 day moving average of $3.75. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.39.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.indie Semiconductor’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. On average, sell-side analysts anticipate that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Trading of indie Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. grew its holdings in 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 during the period. Evergreen Capital Management LLC acquired a new stake in indie Semiconductor during the second quarter worth about $37,000. Principal Financial Group Inc. acquired a new stake in indie Semiconductor during the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd grew its holdings in indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock worth $39,000 after acquiring an additional 10,999 shares during the period. Finally, Jump Financial LLC acquired a new stake in indie Semiconductor during the second quarter worth about $39,000. 67.73% of the stock is owned by institutional investors and hedge funds.

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.