indie Semiconductor (NASDAQ:INDI) Trading Down 12.4% Following Insider Selling

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price dropped 12.4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $4.05 and last traded at $4.0550. 2,793,924 shares were traded during mid-day trading, a decline of 45% from the average session volume of 5,094,496 shares. The stock had previously closed at $4.63.

Specifically, CEO Donald Mcclymont sold 126,496 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $4.45, for a total value of $562,907.20. Following the completion of the transaction, the chief executive officer directly owned 424,617 shares in the company, valued at $1,889,545.65. This trade represents a 22.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Naixi Wu sold 19,640 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $4.37, for a total value of $85,826.80. Following the sale, the chief financial officer directly owned 134,425 shares of the company’s stock, valued at approximately $587,437.25. This represents a 12.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, COO Michael Wittmann sold 30,207 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $4.45, for a total value of $134,421.15. Following the completion of the sale, the chief operating officer owned 145,602 shares of the company’s stock, valued at approximately $647,928.90. The trade was a 17.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

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

indie Semiconductor Price Performance

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 stock’s 50-day moving average price is $4.31 and its 200 day moving average price is $3.78. The firm has a market cap of $922.35 million, a price-to-earnings ratio of -5.36 and a beta of 2.75.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.The firm had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. During the same period in the previous year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities research analysts predict that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Institutional Trading of indie Semiconductor

Several institutional investors have recently modified their holdings of INDI. Tudor Investment Corp ET AL acquired a new position in shares of indie Semiconductor in the 3rd quarter worth approximately $22,385,000. Elemental Capital Partners LLC raised its position in indie Semiconductor by 60.0% in the 1st quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock valued at $40,715,000 after purchasing an additional 4,741,680 shares during the last quarter. Granahan Investment Management LLC raised its position in indie Semiconductor by 17.8% in the 1st quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock valued at $65,314,000 after purchasing an additional 3,067,255 shares during the last quarter. Millennium Management LLC boosted its stake in indie Semiconductor by 456.6% in the first 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 in the last quarter. Finally, Wasatch Advisors LP grew its holdings in shares of indie Semiconductor by 130.0% during the first quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company’s stock worth $12,272,000 after purchasing an additional 2,154,279 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.