TD Cowen Issues Pessimistic Forecast for indie Semiconductor (NASDAQ:INDI) Stock Price

indie Semiconductor (NASDAQ:INDI) had its target price decreased by equities research analysts at TD Cowen from $4.50 to $2.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price indicates a potential upside of 6.95% from the stock’s previous close.

INDI has been the subject of a number of other research reports. Roth Capital set a $5.00 price target on shares of indie Semiconductor in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a research report on Thursday. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, indie Semiconductor currently has a consensus rating of “Reduce” and an average target price of $3.92.

indie Semiconductor Price Performance

INDI stock opened at $1.87 on Monday. The company has a market capitalization of $433.48 million, a P/E ratio of -2.56 and a beta of 2.99. indie Semiconductor has a twelve month low of $1.79 and a twelve month high of $6.02. The business has a 50 day simple moving average of $3.28 and a 200-day simple moving average of $3.71. The company has a current ratio of 3.65, a quick ratio of 2.86 and a debt-to-equity ratio of 1.25.

indie Semiconductor (NASDAQ:INDI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business 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 32.02%. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. As a group, equities analysts anticipate that indie Semiconductor will post -0.54 EPS for the current year.

Insider Buying and Selling

In other indie Semiconductor news, CFO Naixi Wu sold 23,170 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $3.72, for a total transaction of $86,192.40. Following the completion of the sale, the chief financial officer directly owned 156,058 shares of the company’s stock, valued at $580,535.76. This represents a 12.93% 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, Director Sonalee Parekh sold 59,932 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $4.07, for a total value of $243,923.24. Following the sale, the director directly owned 99,857 shares of the company’s stock, valued at $406,417.99. The trade was a 37.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 347,611 shares of company stock worth $1,286,707. Insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Elemental Capital Partners LLC increased its stake in indie Semiconductor by 0.5% in the 3rd quarter. Elemental Capital Partners LLC now owns 13,372,249 shares of the company’s stock valued at $39,114,000 after buying an additional 62,806 shares during the period. Moody National Bank Trust Division raised its position in 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 buying an additional 3,816 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in indie Semiconductor during the 2nd quarter worth $133,000. Integrated Wealth Concepts LLC acquired a new stake in shares of indie Semiconductor in the 2nd quarter worth $49,000. Finally, Teza Capital Management LLC acquired a new stake in shares of indie Semiconductor in the 2nd quarter worth $436,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

indie Semiconductor Company Profile

indie Semiconductor, Inc is a fabless semiconductor company that develops technology for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and enhanced in-cabin experiences.

The company’s portfolio includes semiconductors and system solutions for computer vision, lidar and radar sensing, automotive networking, LED lighting, infotainment and user-interface applications. Its technologies are intended for use in systems such as automated parking, driver monitoring, vehicle detection, digital cockpit displays and other software-defined vehicle functions.

indie Semiconductor serves automotive original equipment manufacturers and Tier 1 suppliers globally.