indie Semiconductor (NASDAQ:INDI) Stock Price Down 8.5% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) fell 8.5% during trading on Monday . The stock traded as low as $3.67 and last traded at $3.6970. Approximately 1,451,032 shares traded hands during trading, a decline of 72% from the average daily volume of 5,116,526 shares. The stock had previously closed at $4.04.

Analysts Set New Price Targets

A number of research analysts have recently commented on INDI shares. Roth Capital set a $5.00 price target on indie Semiconductor in a research note on Friday. Wall Street Zen raised indie Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a research report on Friday, July 17th. UBS Group lifted their target price on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, TD Cowen boosted their price objective on indie Semiconductor from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, July 13th. One equities 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.75.

indie Semiconductor Price Performance

The company has a market capitalization of $815.71 million, a price-to-earnings ratio of -4.92 and a beta of 2.79. The business has a 50-day moving average price of $3.99 and a two-hundred day moving average price of $3.76. The company has a quick ratio of 3.39, a current ratio of 4.11 and a debt-to-equity ratio of 1.15.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 30.89%. The business’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) earnings per share. As a group, research analysts anticipate that indie Semiconductor, Inc. will post -0.52 EPS for the current year.

Insider Activity

In related news, President Ichiro Aoki sold 300,562 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $5.18, for a total transaction of $1,556,911.16. Following the transaction, the president owned 107,148 shares of the company’s stock, valued at approximately $555,026.64. This trade represents a 73.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Naixi Wu sold 19,640 shares of indie Semiconductor stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $4.37, for a total transaction of $85,826.80. Following the completion of the transaction, the chief financial officer owned 134,425 shares in the company, valued at approximately $587,437.25. The trade was a 12.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,440,456 shares of company stock worth $7,262,613. Corporate insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Optiver Holding B.V. boosted its stake in shares of indie Semiconductor by 7,163.7% during the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock valued at $26,000 after purchasing an additional 8,095 shares during the period. Principal Financial Group Inc. bought a new stake in indie Semiconductor during the 1st quarter valued at $35,000. Evergreen Capital Management LLC purchased a new stake in indie Semiconductor during the 2nd quarter valued at $37,000. Caitong International Asset Management Co. Ltd grew its holdings in indie Semiconductor by 45,829.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock worth $39,000 after acquiring an additional 10,999 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of indie Semiconductor in the second quarter valued at about $39,000. 67.73% of the stock is owned by 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.