indie Semiconductor (NASDAQ:INDI) Trading Down 10.3% – What’s Next?

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price was down 10.3% during trading on Tuesday . The stock traded as low as $4.13 and last traded at $4.2250. 2,290,078 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 5,325,497 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

Several research firms have weighed in on INDI. Roth Capital set a $5.00 target price on shares of indie Semiconductor in a report on Friday, August 7th. UBS Group upped their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research report on Friday, May 8th. TD Cowen lifted their target price on indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, July 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a report on Friday, July 17th. Finally, Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.75.

indie Semiconductor Stock Performance

The firm has a market capitalization of $994.00 million, a price-to-earnings ratio of -5.85 and a beta of 2.79. The stock’s fifty day moving average is $3.93 and its two-hundred day moving average is $3.75. The company has a quick ratio of 2.86, a current ratio of 3.65 and a debt-to-equity ratio of 1.25.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) earnings per share. On average, analysts predict that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Insider Buying and Selling

In other news, President Ichiro Aoki sold 300,562 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.18, for a total value of $1,556,911.16. Following the sale, the president directly owned 107,148 shares of the company’s stock, valued at approximately $555,026.64. This represents a 73.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Wittmann sold 6,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $4.67, for a total transaction of $29,187.50. Following the completion of the sale, the chief operating officer owned 139,352 shares of the company’s stock, valued at $650,773.84. This trade represents a 4.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,460,456 shares of company stock worth $7,338,613 in the last 90 days. 2.57% of the stock is owned by corporate insiders.

Institutional Trading of indie Semiconductor

A number of hedge funds have recently made changes to their positions in INDI. Dimensional Fund Advisors LP raised its stake in indie Semiconductor by 19.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,873,776 shares of the company’s stock valued at $6,033,000 after acquiring an additional 308,620 shares during the period. Wasatch Advisors LP lifted its holdings in indie Semiconductor by 130.0% during the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company’s stock valued at $12,272,000 after purchasing an additional 2,154,279 shares during the last quarter. General American Investors Co. Inc. boosted its position in indie Semiconductor by 14.7% during the fourth quarter. General American Investors Co. Inc. now owns 1,954,849 shares of the company’s stock worth $6,901,000 after purchasing an additional 250,000 shares during the period. Elemental Capital Partners LLC increased its holdings in shares of indie Semiconductor by 60.0% in the first quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock valued at $40,715,000 after purchasing an additional 4,741,680 shares during the last quarter. Finally, Granahan Investment Management LLC increased its holdings in shares of indie Semiconductor by 17.8% in the first quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock valued at $65,314,000 after purchasing an additional 3,067,255 shares during the last quarter. 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.