Insider Selling: indie Semiconductor (NASDAQ:INDI) COO Sells 39,645 Shares of Stock

indie Semiconductor, Inc. (NASDAQ:INDI) COO Michael Wittmann sold 39,645 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $4.80, for a total transaction of $190,296.00. Following the sale, the chief operating officer directly owned 98,309 shares in the company, valued at approximately $471,883.20. The trade was a 28.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Michael Wittmann also recently made the following trade(s):

• On Tuesday, June 2nd, Michael Wittmann sold 37,500 shares of indie Semiconductor stock. The shares were sold at an average price of $5.13, for a total value of $192,375.00.
• On Monday, April 6th, Michael Wittmann sold 4,720 shares of indie Semiconductor stock. The stock was sold at an average price of $2.99, for a total transaction of $14,112.80.
• On Monday, March 9th, Michael Wittmann sold 18,750 shares of indie Semiconductor stock. The stock was sold at an average price of $2.54, for a total transaction of $47,625.00.

indie Semiconductor Price Performance

Shares of NASDAQ INDI traded down $0.75 during midday trading on Friday, hitting $4.05. The stock had a trading volume of 5,353,116 shares, compared to its average volume of 4,849,583. The stock has a 50 day simple moving average of $3.90 and a 200-day simple moving average of $3.75. The company has a quick ratio of 3.39, a current ratio of 4.11 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $918.96 million, a PE ratio of -5.33 and a beta of 2.73. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen raised indie Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. UBS Group boosted their price target on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research report on Tuesday, April 21st. Two 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 MarketBeat, indie Semiconductor has an average rating of “Hold” and a consensus target price of $6.92.

Hedge Funds Weigh In On indie Semiconductor

Several institutional investors have recently modified their holdings of INDI. Vanguard Group Inc. increased its holdings in indie Semiconductor by 9.6% during the 3rd quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock worth $62,203,000 after purchasing an additional 1,334,145 shares during the period. ArrowMark Colorado Holdings LLC purchased a new stake in shares of indie Semiconductor during the 3rd quarter worth $3,931,000. Handelsbanken Fonder AB increased its holdings in indie Semiconductor by 1,938.0% in the third quarter. Handelsbanken Fonder AB now owns 1,579,686 shares of the company’s stock valued at $6,429,000 after buying an additional 1,502,175 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in indie Semiconductor during the 3rd quarter worth about $22,385,000. Finally, Elemental Capital Partners LLC increased its stake in indie Semiconductor by 3.8% in the fourth quarter. Elemental Capital Partners LLC now owns 7,902,713 shares of the company’s stock valued at $27,897,000 after purchasing an additional 291,111 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.