indie Semiconductor (NASDAQ:INDI) Sets New 52-Week Low – Should You Sell?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) hit a new 52-week low on Tuesday. The stock traded as low as $2.32 and last traded at $2.33, with a volume of 4,148,823 shares. The stock had previously closed at $2.60.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. TD Cowen boosted their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday, July 13th. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Friday, July 17th. Finally, Roth Capital set a $5.00 price target on shares of indie Semiconductor in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $4.75.

indie Semiconductor Trading Down 9.0%

The company has a market cap of $465.94 million, a P/E ratio of -2.75 and a beta of 2.99. The business has a fifty day simple moving average of $3.39 and a 200 day simple moving average of $3.73. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.86 and a current ratio of 3.65.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $64.01 million during the quarter, compared to the consensus estimate of $62.49 million. indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%. The business’s quarterly revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) EPS. Analysts anticipate that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at indie Semiconductor

In other indie Semiconductor news, CFO Naixi Wu sold 23,170 shares of the business’s stock in a transaction on Monday, August 31st. The shares were 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 owned 156,058 shares in the company, valued at $580,535.76. The trade was a 12.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Wittmann sold 42,468 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $4.10, for a total transaction of $174,118.80. Following the sale, the chief operating officer directly owned 96,884 shares in the company, valued at $397,224.40. This trade represents a 30.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 347,611 shares of company stock valued at $1,286,707. Company insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INDI. Elemental Capital Partners LLC lifted its holdings in indie Semiconductor by 60.0% in the first quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock worth $40,715,000 after acquiring an additional 4,741,680 shares during the last quarter. Granahan Investment Management LLC boosted its stake in indie Semiconductor by 17.8% in the first quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock valued at $65,314,000 after acquiring an additional 3,067,255 shares during the period. Wasatch Advisors LP boosted its stake in indie Semiconductor by 130.0% in the first quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company’s stock valued at $12,272,000 after acquiring an additional 2,154,279 shares during the period. Fifth Third Bancorp bought a new position in shares of indie Semiconductor during the first quarter valued at approximately $2,722,000. Finally, Madison Asset Management LLC bought a new position in shares of indie Semiconductor during the second quarter valued at approximately $2,310,000. 67.73% of the stock is owned by institutional investors and hedge funds.

About indie Semiconductor

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.