Bamco Inc. NY Sells 3,737,489 Shares of indie Semiconductor, Inc. $INDI

Bamco Inc. NY decreased its holdings in indie Semiconductor, Inc. (NASDAQ:INDI) by 14.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,557,287 shares of the company’s stock after selling 3,737,489 shares during the period. Bamco Inc. NY owned approximately 0.10% of indie Semiconductor worth $87,738,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INDI. Evergreen Capital Management LLC acquired a new stake in shares of indie Semiconductor during the 2nd quarter valued at about $37,000. Jump Financial LLC bought a new stake in indie Semiconductor in the second quarter valued at about $39,000. HBK Sorce Advisory LLC acquired a new position in indie Semiconductor in the third quarter worth about $41,000. Jefferies Financial Group Inc. bought a new position in indie Semiconductor during the third quarter worth about $55,000. Finally, Envestnet Asset Management Inc. lifted its stake in indie Semiconductor by 32.1% during the third quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock worth $66,000 after purchasing an additional 3,921 shares during the period. 67.73% of the stock is owned by institutional investors.

indie Semiconductor Trading Up 1.6%

Shares of INDI stock opened at $2.48 on Friday. The company has a market capitalization of $544.68 million, a P/E ratio of -3.40 and a beta of 2.55. indie Semiconductor, Inc. has a 12-month low of $1.53 and a 12-month high of $6.05. 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 firm has a 50-day moving average price of $3.71 and a 200 day moving average price of $4.08.

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

Insiders Place Their Bets

In related news, COO Michael Wittmann sold 37,500 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $3.50, for a total transaction of $131,250.00. Following the sale, the chief operating officer directly owned 123,885 shares in the company, valued at $433,597.50. This represents a 23.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Donald Mcclymont sold 100,000 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $4.09, for a total value of $409,000.00. Following the sale, the chief executive officer directly owned 48,130 shares of the company’s stock, valued at $196,851.70. This represents a 67.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 393,420 shares of company stock valued at $1,446,529 over the last quarter. 5.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on INDI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. Wall Street Zen downgraded indie Semiconductor from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Finally, UBS Group set a $4.25 price target on indie Semiconductor in a research note on Sunday, February 22nd. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $6.45.

indie Semiconductor 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.