indie Semiconductor (NASDAQ:INDI) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of indie Semiconductor (NASDAQ:INDI) from a sell rating to a hold rating in a research report released on Saturday morning.

A number of other analysts also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. UBS Group increased their price target on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, indie Semiconductor presently has an average rating of “Hold” and an average target price of $6.92.

indie Semiconductor Stock Down 3.0%

NASDAQ:INDI opened at $4.19 on Friday. The firm has a market capitalization of $937.14 million, a P/E ratio of -5.51 and a beta of 2.74. indie Semiconductor has a 1-year low of $2.29 and a 1-year high of $6.05. The company’s fifty day moving average price is $3.31 and its 200-day moving average price is $3.77. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.10.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) earnings per share. As a group, equities research analysts anticipate that indie Semiconductor will post -0.44 EPS for the current year.

Insider Buying and Selling

In related news, CEO Donald Mcclymont sold 18,420 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $2.99, for a total transaction of $55,075.80. Following the sale, the chief executive officer directly owned 298,500 shares of the company’s stock, valued at approximately $892,515. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Ichiro Aoki sold 50,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $4.78, for a total transaction of $239,000.00. Following the sale, the president directly owned 106,169 shares in the company, valued at $507,487.82. This trade represents a 32.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 912,682 shares of company stock valued at $3,129,378. Corporate insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDI. Principal Financial Group Inc. purchased a new position in indie Semiconductor during the first quarter valued at $35,000. Evergreen Capital Management LLC purchased a new position in indie Semiconductor during the second quarter valued at $37,000. Gainplan LLC purchased a new position in indie Semiconductor during the fourth quarter valued at $39,000. Caitong International Asset Management Co. Ltd lifted its holdings in indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after purchasing an additional 10,999 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in indie Semiconductor during the second quarter valued at $39,000. 67.73% of the stock is 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.