indie Semiconductor (NASDAQ:INDI) Trading 6.3% Higher – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI) shares rose 6.3% during mid-day trading on Tuesday . The company traded as high as $2.88 and last traded at $2.7650. Approximately 988,759 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 4,440,635 shares. The stock had previously closed at $2.60.

Wall Street Analysts Forecast Growth

INDI has been the subject of several recent analyst reports. UBS Group set a $4.25 price objective on shares of indie Semiconductor in a research report on Sunday, February 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded indie Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, December 13th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, indie Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.45.

indie Semiconductor Stock Up 7.8%

The firm has a market capitalization of $706.77 million, a PE ratio of -4.33 and a beta of 2.55. The business’s fifty day moving average price is $3.51 and its 200 day moving average price is $3.98. The company has a quick ratio of 3.10, a current ratio of 3.73 and a debt-to-equity ratio of 0.88.

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

Insider Buying and Selling

In other indie Semiconductor news, COO Michael Wittmann sold 18,750 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $2.54, for a total value of $47,625.00. Following the transaction, the chief operating officer directly owned 130,135 shares of the company’s stock, valued at approximately $330,542.90. The trade was a 12.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Ichiro Aoki sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $2.83, for a total transaction of $141,500.00. Following the transaction, the president owned 100,952 shares of the company’s stock, valued at approximately $285,694.16. The trade was a 33.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 443,066 shares of company stock worth $1,425,063 over the last three months. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in indie Semiconductor by 32.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock valued at $66,000 after purchasing an additional 3,921 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of indie Semiconductor by 27.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 19,804 shares of the company’s stock worth $71,000 after buying an additional 4,207 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of indie Semiconductor by 20.5% during the 4th quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock worth $91,000 after buying an additional 4,365 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of indie Semiconductor by 33.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock valued at $68,000 after buying an additional 4,763 shares during the period. Finally, Abel Hall LLC boosted its stake in shares of indie Semiconductor by 42.3% in the fourth quarter. Abel Hall LLC now owns 16,934 shares of the company’s stock valued at $60,000 after buying an additional 5,030 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

indie Semiconductor Company 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.