indie Semiconductor (NASDAQ:INDI) Stock Price Down 5.9% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price fell 5.9% during trading on Monday . The company traded as low as $2.96 and last traded at $2.9450. 595,819 shares traded hands during trading, a decline of 86% from the average session volume of 4,368,650 shares. The stock had previously closed at $3.13.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. UBS Group set a $4.25 target price on shares of indie Semiconductor in a report on Sunday, February 22nd. Finally, Wall Street Zen downgraded shares of 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 given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, indie Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $6.45.

indie Semiconductor Price Performance

The company has a quick ratio of 3.10, a current ratio of 3.73 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $651.97 million, a price-to-earnings ratio of -4.01 and a beta of 2.56. The business’s 50 day simple moving average is $3.34 and its 200-day simple moving average is $3.94.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The company had revenue of $58.01 million during the quarter, compared to analysts’ expectations of $57.11 million. indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) EPS. On average, research analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current year.

Insider Activity

In other news, President Ichiro Aoki sold 100,000 shares of indie Semiconductor stock in a transaction on Thursday, March 26th. The stock was sold at an average price of $3.28, for a total value of $328,000.00. Following the transaction, the president owned 100,952 shares in the company, valued at approximately $331,122.56. This trade represents a 49.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Naixi Wu sold 17,162 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $3.56, for a total value of $61,096.72. Following the transaction, the chief financial officer directly owned 76,969 shares of the company’s stock, valued at $274,009.64. This trade represents a 18.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 525,160 shares of company stock valued at $1,631,848 in the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of INDI. Royal Bank of Canada grew its holdings in shares of indie Semiconductor by 309.7% during the 1st quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock valued at $1,122,000 after purchasing an additional 416,519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in indie Semiconductor by 42.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock valued at $2,040,000 after purchasing an additional 298,339 shares during the last quarter. Millennium Management LLC boosted its position in indie Semiconductor by 456.6% in the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after buying an additional 3,037,435 shares in the last quarter. JPMorgan Chase & Co. boosted its position in indie Semiconductor by 5.6% in the second quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after buying an additional 13,495 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of indie Semiconductor by 24.3% during the second quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock worth $1,065,000 after buying an additional 58,473 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.