indie Semiconductor, Inc. (NASDAQ:INDI) Given Average Recommendation of “Hold” by Brokerages

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) have earned an average recommendation of “Hold” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $6.1875.

INDI has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. TD Cowen initiated coverage on shares of indie Semiconductor in a research note on Wednesday, June 10th. They set a “hold” rating and a $4.00 price target on the stock. Wall Street Zen raised shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, UBS Group upped their price target on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research note on Friday, May 8th.

Insider Buying and Selling at indie Semiconductor

In related news, COO Michael Wittmann sold 39,645 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $4.80, for a total value of $190,296.00. Following the sale, the chief operating officer directly owned 98,309 shares of the company’s stock, valued at approximately $471,883.20. This represents a 28.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Naixi Wu sold 12,898 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.12, for a total transaction of $66,037.76. Following the completion of the sale, the chief financial officer directly owned 114,787 shares in the company, valued at approximately $587,709.44. The trade was a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,893,552 shares of company stock valued at $8,639,645 in the last quarter. Insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

Large investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new stake in shares of indie Semiconductor during the 3rd quarter worth about $22,385,000. Elemental Capital Partners LLC boosted its stake in shares of indie Semiconductor by 60.0% during the 1st quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock worth $40,715,000 after purchasing an additional 4,741,680 shares during the last quarter. Granahan Investment Management LLC boosted its stake in shares of indie Semiconductor by 17.8% during the 1st quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock worth $65,314,000 after purchasing an additional 3,067,255 shares during the last quarter. Millennium Management LLC boosted its stake in shares of indie Semiconductor by 456.6% during the 1st 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 during the last quarter. Finally, Wasatch Advisors LP boosted its stake in shares of indie Semiconductor by 130.0% during the 1st 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. 67.73% of the stock is owned by institutional investors and hedge funds.

indie Semiconductor Stock Performance

NASDAQ:INDI opened at $3.93 on Wednesday. The company has a quick ratio of 3.39, a current ratio of 4.11 and a debt-to-equity ratio of 1.15. indie Semiconductor has a fifty-two week low of $2.32 and a fifty-two week high of $6.05. The stock has a market cap of $891.72 million, a PE ratio of -5.17 and a beta of 2.73. The firm’s fifty day simple moving average is $4.04 and its 200-day simple moving average is $3.78.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. The business had revenue of $55.46 million for the quarter, compared to analysts’ expectations of $55.09 million. During the same period in the prior year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts expect that indie Semiconductor will post -0.52 earnings per share for the current fiscal 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.