indie Semiconductor (NASDAQ:INDI) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of indie Semiconductor (NASDAQ:INDI) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

INDI has been the topic of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a report on Thursday, October 15th. B. Riley Financial reduced their price target on indie Semiconductor from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, November 6th. TD Cowen decreased their price target on indie Semiconductor from $4.50 to $2.00 and set a “hold” rating for the company in a research note on Monday, October 19th. Finally, Roth Capital set a $5.00 price target on indie Semiconductor in a research report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.94.

indie Semiconductor Stock Down 3.7%

NASDAQ:INDI traded down $0.08 on Friday, hitting $2.10. 3,488,953 shares of the company’s stock were exchanged, compared to its average volume of 7,515,079. The firm has a 50-day moving average price of $2.46 and a 200-day moving average price of $3.43. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.37 and a quick ratio of 2.86. indie Semiconductor has a 52 week low of $1.34 and a 52 week high of $5.49. The company has a market cap of $505.68 million, a P/E ratio of -2.92 and a beta of 3.10.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $70.24 million for the quarter, compared to analyst estimates of $70.21 million. indie Semiconductor had a negative return on equity of 34.86% and a negative net margin of 61.02%. The company’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. As a group, analysts expect that indie Semiconductor will post -0.53 EPS for the current fiscal year.

Insider Activity

In other news, CFO Naixi Wu sold 33,333 shares of indie Semiconductor stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $2.05, for a total value of $68,332.65. Following the completion of the transaction, the chief financial officer owned 196,516 shares of the company’s stock, valued at $402,857.80. This trade represents a 14.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Wittmann sold 40,625 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $3.59, for a total transaction of $145,843.75. Following the transaction, the chief operating officer owned 115,922 shares in the company, valued at $416,159.98. This represents a 25.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 324,726 shares of company stock valued at $1,114,858. 2.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of hedge funds and other institutional investors have recently bought and sold shares of INDI. Granahan Investment Management LLC raised its stake in 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 buying an additional 3,067,255 shares during the period. Elemental Capital Partners LLC boosted its stake in shares of indie Semiconductor by 0.5% during the 3rd quarter. Elemental Capital Partners LLC now owns 13,372,249 shares of the company’s stock worth $39,114,000 after acquiring an additional 62,806 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of indie Semiconductor by 19.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,873,776 shares of the company’s stock worth $6,033,000 after acquiring an additional 308,620 shares during the period. Moody National Bank Trust Division boosted its stake in shares of indie Semiconductor by 0.4% during the 3rd quarter. Moody National Bank Trust Division now owns 1,000,840 shares of the company’s stock worth $2,927,000 after acquiring an additional 3,816 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of indie Semiconductor by 0.9% during the 1st quarter. Bank of America Corp DE now owns 875,146 shares of the company’s stock worth $2,818,000 after acquiring an additional 7,875 shares during the period. Institutional investors own 67.73% of the company’s stock.

About indie Semiconductor

indie Semiconductor, Inc. is a fabless semiconductor company that develops automotive technologies for advanced driver-assistance systems (ADAS), automated driving, in-cabin experiences, vehicle connectivity and electrification. Its products combine analog and mixed-signal circuits with digital processing and software for use in vehicle systems. The company’s offerings support applications such as radar, lidar, computer vision, ultrasonic sensing, audio and vehicle networking. Automakers and automotive suppliers use its technologies to help enable sensing, safety and other electronic functions in vehicles.