indie Semiconductor (NASDAQ:INDI) Trading 8.3% Higher – Here’s What Happened

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) shot up 8.3% during trading on Thursday . The stock traded as high as $4.17 and last traded at $4.3440. 5,981,073 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 5,184,850 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

INDI has been the subject of several research reports. Roth Capital set a $5.00 price objective on indie Semiconductor in a research report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a report on Friday, July 17th. TD Cowen raised their price target on indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday, July 13th. Wall Street Zen raised indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, UBS Group upped their price objective on indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $4.75.

indie Semiconductor Trading Up 3.6%

The business’s fifty day moving average price is $3.92 and its 200 day moving average price is $3.75. 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 firm has a market capitalization of $942.77 million, a PE ratio of -5.69 and a beta of 2.79.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 30.89%. The business had revenue of $64.01 million for the quarter, compared to the consensus estimate of $62.49 million. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. As a group, analysts expect that indie Semiconductor, Inc. will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling at indie Semiconductor

In other news, CEO Donald Mcclymont sold 126,496 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $4.45, for a total transaction of $562,907.20. Following the sale, the chief executive officer 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Michael Wittmann sold 39,645 shares of indie Semiconductor stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $4.80, for a total value of $190,296.00. Following the completion of 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 disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,440,456 shares of company stock worth $7,262,613. Insiders own 2.57% of the company’s stock.

Institutional Trading of indie Semiconductor

A number of hedge funds have recently added to or reduced their stakes in the business. Optiver Holding B.V. boosted its holdings in shares of indie Semiconductor by 7,163.7% in the 1st quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock valued at $26,000 after purchasing an additional 8,095 shares during the last quarter. Evergreen Capital Management LLC acquired a new stake in shares of indie Semiconductor during the 2nd quarter worth $37,000. Principal Financial Group Inc. purchased a new position in shares of indie Semiconductor in the 1st quarter worth $35,000. Caitong International Asset Management Co. Ltd boosted its holdings in indie Semiconductor by 45,829.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after acquiring an additional 10,999 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in indie Semiconductor in the second quarter valued at $39,000. 67.73% of the stock is owned by institutional investors and hedge funds.

About indie Semiconductor

indie Semiconductor, Inc is a fabless semiconductor company 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.