indie Semiconductor (NASDAQ:INDI) Trading 8.5% Higher – Still a Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) were up 8.5% during trading on Tuesday . The company traded as high as $3.88 and last traded at $4.0810. 600,361 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 4,952,394 shares. The stock had previously closed at $3.76.

Analyst Ratings Changes

Several brokerages have recently weighed in on INDI. UBS Group boosted their target price on indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a report on Friday, May 8th. TD Cowen began coverage on indie Semiconductor in a report on Wednesday, June 10th. They issued a “hold” rating and a $4.00 price target for the company. Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, indie Semiconductor has an average rating of “Hold” and a consensus price target of $5.58.

indie Semiconductor Trading Up 15.1%

The company has a quick ratio of 3.39, a current ratio of 4.11 and a debt-to-equity ratio of 1.15. The company’s 50-day moving average is $4.21 and its 200-day moving average is $3.77. The stock has a market capitalization of $981.59 million, a price-to-earnings ratio of -5.70 and a beta of 2.73.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The company 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%. indie Semiconductor’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) EPS. Research analysts anticipate that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Naixi Wu sold 55,000 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $2.81, for a total value of $154,550.00. Following the transaction, the chief financial officer owned 120,787 shares of the company’s stock, valued at $339,411.47. This represents a 31.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Ichiro Aoki sold 454,900 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $5.28, for a total value of $2,401,872.00. Following the transaction, the president owned 106,169 shares of the company’s stock, valued at approximately $560,572.32. This represents a 81.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,643,552 shares of company stock worth $7,939,645 over the last quarter. 2.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of INDI. Royal Bank of Canada increased its position in shares of indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock valued at $1,122,000 after acquiring an additional 416,519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 worth $2,040,000 after acquiring an additional 298,339 shares during the last quarter. Millennium Management LLC boosted its position in shares of indie Semiconductor by 456.6% during the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock worth $7,535,000 after purchasing an additional 3,037,435 shares during the period. JPMorgan Chase & Co. boosted its position in shares of indie Semiconductor by 5.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock worth $909,000 after purchasing an additional 13,495 shares during the period. Finally, Rhumbline Advisers increased its holdings in indie Semiconductor by 24.3% in the 2nd quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock valued at $1,065,000 after purchasing 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.