indie Semiconductor (NASDAQ:INDI) Shares Gap Down – Should You Sell?

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $3.16, but opened at $2.64. indie Semiconductor shares last traded at $2.46, with a volume of 7,806,576 shares.

Analyst Upgrades and Downgrades

INDI has been the subject of several research reports. UBS Group set a $4.25 price target on shares of indie Semiconductor in a research report on Sunday, February 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered indie Semiconductor from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.45.

indie Semiconductor Stock Down 19.3%

The company has a 50-day moving average of $3.88 and a 200-day moving average of $4.18. The company has a current ratio of 3.75, a quick ratio of 3.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $560.06 million, a price-to-earnings ratio of -3.49 and a beta of 2.55.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Thursday, February 19th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). indie Semiconductor had a negative return on equity of 28.81% and a negative net margin of 66.23%.The business had revenue of $58.01 million for the quarter, compared to analyst estimates of $57.11 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The company’s revenue was up .0% on a year-over-year basis. On average, equities analysts predict that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, President Ichiro Aoki sold 7,188 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.67, for a total transaction of $26,379.96. Following the transaction, the president owned 94,725 shares in the company, valued at approximately $347,640.75. This represents a 7.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Donald Mcclymont sold 90,644 shares of indie Semiconductor stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $3.56, for a total transaction of $322,692.64. Following the sale, the chief executive officer owned 282,393 shares of the company’s stock, valued at $1,005,319.08. The trade was a 24.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 394,525 shares of company stock worth $1,488,975 in the last quarter. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. ProShare Advisors LLC increased its holdings in indie Semiconductor by 9.0% in the 2nd quarter. ProShare Advisors LLC now owns 39,775 shares of the company’s stock worth $142,000 after buying an additional 3,300 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of indie Semiconductor by 9.3% during the second quarter. Los Angeles Capital Management LLC now owns 45,619 shares of the company’s stock worth $162,000 after purchasing an additional 3,898 shares during the last quarter. CWM LLC raised its holdings in shares of indie Semiconductor by 34.7% during the second quarter. CWM LLC now owns 15,215 shares of the company’s stock worth $54,000 after purchasing an additional 3,916 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in indie Semiconductor by 32.1% during the third quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock valued at $66,000 after purchasing an additional 3,921 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in indie Semiconductor by 27.0% in the second quarter. Ameritas Investment Partners Inc. now owns 19,804 shares of the company’s stock valued at $71,000 after purchasing an additional 4,207 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.