indie Semiconductor (NASDAQ:INDI) Stock Price Down 7.9% – Should You Sell?

indie Semiconductor, Inc. (NASDAQ:INDI) dropped 7.9% during mid-day trading on Monday. The company traded as low as $2.42 and last traded at $2.3950. 2,089,356 shares were traded during mid-day trading, a decline of 61% from the average session volume of 5,328,612 shares. The stock had previously closed at $2.60.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. 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 target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a report on Friday, July 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, indie Semiconductor currently has an average 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 capitalization of $545.91 million, a price-to-earnings ratio of -3.25 and a beta of 2.99. The business’s fifty day simple moving average is $3.47 and its 200 day simple moving average is $3.75.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $64.01 million for the quarter, compared to analysts’ expectations of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The business’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. On average, research analysts forecast that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Transactions at indie Semiconductor

In other indie Semiconductor news, COO Michael Wittmann sold 42,468 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief operating officer owned 96,884 shares of the company’s stock, valued at approximately $397,224.40. This trade represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Naixi Wu sold 23,170 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $3.72, for a total value of $86,192.40. Following the sale, the chief financial officer owned 156,058 shares of the company’s stock, valued at approximately $580,535.76. This represents a 12.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 347,611 shares of company stock worth $1,286,707 in the last three months. Insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

A number of hedge funds have recently bought and sold shares of the company. Moody National Bank Trust Division raised its holdings in shares of indie Semiconductor by 0.4% in the third quarter. Moody National Bank Trust Division now owns 1,000,840 shares of the company’s stock valued at $2,927,000 after purchasing an additional 3,816 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in indie Semiconductor by 37.7% during the first quarter. PNC Financial Services Group Inc. now owns 28,199 shares of the company’s stock worth $91,000 after purchasing an additional 7,724 shares during the last quarter. Bank of America Corp DE boosted its holdings in indie Semiconductor by 0.9% during the first quarter. Bank of America Corp DE now owns 875,146 shares of the company’s stock worth $2,818,000 after purchasing an additional 7,875 shares during the last quarter. Optiver Holding B.V. grew its position in indie Semiconductor by 7,163.7% in the 1st quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock worth $26,000 after purchasing an additional 8,095 shares in the last quarter. Finally, Swiss National Bank grew its position in indie Semiconductor by 2.4% in the 1st quarter. Swiss National Bank now owns 400,900 shares of the company’s stock worth $1,291,000 after purchasing an additional 9,400 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

About indie Semiconductor

indie Semiconductor, Inc is a fabless semiconductor company that develops technology for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and enhanced in-cabin experiences.

The company’s portfolio includes semiconductors and system solutions for computer vision, lidar and radar sensing, automotive networking, LED lighting, infotainment and user-interface applications. Its technologies are intended for use in systems such as automated parking, driver monitoring, vehicle detection, digital cockpit displays and other software-defined vehicle functions.

indie Semiconductor serves automotive original equipment manufacturers and Tier 1 suppliers globally.