Insider Selling: indie Semiconductor (NASDAQ:INDI) COO Sells 17,045 Shares

indie Semiconductor, Inc. (NASDAQ:INDI) COO Michael Wittmann sold 17,045 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $3.72, for a total transaction of $63,407.40. Following the completion of the sale, the chief operating officer owned 112,797 shares in the company, valued at $419,604.84. This represents a 13.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Michael Wittmann also recently made the following trade(s):

• On Friday, August 14th, Michael Wittmann sold 42,468 shares of indie Semiconductor stock. The shares were sold at an average price of $4.10, for a total value of $174,118.80.
• On Monday, July 6th, Michael Wittmann sold 6,250 shares of indie Semiconductor stock. The shares were sold at an average price of $4.67, for a total value of $29,187.50.
• On Thursday, July 2nd, Michael Wittmann sold 30,207 shares of indie Semiconductor stock. The stock was sold at an average price of $4.45, for a total value of $134,421.15.
• On Thursday, June 4th, Michael Wittmann sold 39,645 shares of indie Semiconductor stock. The stock was sold at an average price of $4.80, for a total value of $190,296.00.

indie Semiconductor Stock Down 4.3%

Shares of INDI stock traded down $0.16 during trading hours on Tuesday, reaching $3.55. The company had a trading volume of 4,218,385 shares, compared to its average volume of 5,406,063. The company has a market cap of $822.93 million, a price-to-earnings ratio of -4.86 and a beta of 2.79. The company has a debt-to-equity ratio of 1.25, a current ratio of 3.65 and a quick ratio of 2.86. indie Semiconductor, Inc. has a 12 month low of $2.32 and a 12 month high of $6.05. The business has a fifty day simple moving average of $3.91 and a 200-day simple moving average of $3.75.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate 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%.indie Semiconductor’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, research analysts expect that indie Semiconductor, Inc. will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock valued at $1,122,000 after buying an additional 416,519 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in indie Semiconductor by 42.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock worth $2,040,000 after acquiring an additional 298,339 shares during the period. Millennium Management LLC boosted its stake in indie Semiconductor by 456.6% in the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after acquiring an additional 3,037,435 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in indie Semiconductor by 5.6% in the second quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after acquiring an additional 13,495 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of indie Semiconductor by 24.3% during the 2nd quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock valued at $1,065,000 after acquiring an additional 58,473 shares during the period. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

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

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.