Primecap Management Co. CA Sells 259,408 Shares of indie Semiconductor, Inc. $INDI

Primecap Management Co. CA cut its stake in indie Semiconductor, Inc. (NASDAQ:INDI) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 28,900,768 shares of the company’s stock after selling 259,408 shares during the quarter. Primecap Management Co. CA owned about 0.13% of indie Semiconductor worth $117,626,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in indie Semiconductor by 9.6% in the 3rd quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock valued at $62,203,000 after buying an additional 1,334,145 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of indie Semiconductor by 1,720.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,227 shares of the company’s stock worth $99,000 after acquiring an additional 22,896 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of indie Semiconductor by 32.1% in the third 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 during the last quarter. Arizona State Retirement System purchased a new position in indie Semiconductor during the third quarter worth about $234,000. Finally, Register Financial Advisors LLC grew its position in indie Semiconductor by 5.5% in the 3rd quarter. Register Financial Advisors LLC now owns 461,028 shares of the company’s stock worth $1,876,000 after purchasing an additional 24,000 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CFO Naixi Wu sold 12,448 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $3.67, for a total transaction of $45,684.16. Following the sale, the chief financial officer owned 76,969 shares of the company’s stock, valued at approximately $282,476.23. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Donald Mcclymont sold 82,957 shares of indie Semiconductor stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $3.67, for a total value of $304,452.19. Following the transaction, the chief executive officer directly owned 186,202 shares of the company’s stock, valued at $683,361.34. The trade was a 30.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 296,377 shares of company stock worth $1,148,283. Insiders own 5.60% of the company’s stock.

indie Semiconductor Price Performance

Shares of NASDAQ:INDI opened at $3.69 on Friday. The firm has a market capitalization of $810.43 million, a PE ratio of -5.05 and a beta of 2.53. The company has a quick ratio of 3.18, a current ratio of 3.75 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average price of $3.91 and a two-hundred day moving average price of $4.21. indie Semiconductor, Inc. has a twelve month low of $1.53 and a twelve month high of $6.05.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings results on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $57.11 million. indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 28.81%. indie Semiconductor’s revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) EPS. Equities analysts forecast that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

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.