indie Semiconductor (NASDAQ:INDI) Stock Price Up 8.5% – Still a Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) shot up 8.5% during trading on Tuesday . The stock traded as high as $2.63 and last traded at $2.63. 1,433,780 shares were traded during trading, a decline of 61% from the average session volume of 3,710,802 shares. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Craig Hallum lowered their price objective on indie Semiconductor from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Benchmark reaffirmed a “buy” rating and issued a $6.00 price target on shares of indie Semiconductor in a research note on Wednesday, May 21st. KeyCorp cut their price objective on indie Semiconductor from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Finally, B. Riley restated a “buy” rating on shares of indie Semiconductor in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.75.

indie Semiconductor Stock Up 7.2%

The business’s fifty day moving average price is $2.13 and its 200 day moving average price is $3.36. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $551.47 million, a PE ratio of -3.41 and a beta of 2.01.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. The business had revenue of $54.08 million for the quarter, compared to analyst estimates of $54.94 million. During the same period in the previous year, the business posted ($0.10) earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Donald Mcclymont sold 50,000 shares of indie Semiconductor stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $3.12, for a total transaction of $156,000.00. Following the completion of the sale, the chief executive officer now directly owns 65,932 shares in the company, valued at approximately $205,707.84. This trade represents a 43.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Wittmann sold 13,570 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $2.90, for a total transaction of $39,353.00. Following the completion of the sale, the chief operating officer now directly owns 67,012 shares in the company, valued at approximately $194,334.80. The trade was a 16.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,277 shares of company stock worth $434,192. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of indie Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Register Financial Advisors LLC boosted its holdings in shares of indie Semiconductor by 60.4% during the fourth quarter. Register Financial Advisors LLC now owns 337,028 shares of the company’s stock worth $1,365,000 after purchasing an additional 126,888 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in indie Semiconductor in the fourth quarter valued at approximately $215,000. Elemental Capital Partners LLC acquired a new position in indie Semiconductor during the fourth quarter worth approximately $14,272,000. Legato Capital Management LLC raised its stake in indie Semiconductor by 47.9% during the fourth quarter. Legato Capital Management LLC now owns 20,285 shares of the company’s stock worth $82,000 after purchasing an additional 6,570 shares during the period. Finally, Rhumbline Advisers raised its stake in indie Semiconductor by 1.8% during the fourth quarter. Rhumbline Advisers now owns 239,090 shares of the company’s stock worth $968,000 after purchasing an additional 4,156 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

indie Semiconductor Company Profile

indie Semiconductor, Inc provides automotive semiconductors and software solutions for advanced driver assistance systems, autonomous vehicle, in-cabin, connected car, and electrification applications in the United States, South America, rest of North America, Greater China, South Korea, rest of the Asia Pacific, and Europe.