indie Semiconductor (NASDAQ:INDI) Shares Down 7.9% – What’s Next?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) fell 7.9% during mid-day trading on Monday. The stock traded as low as $2.42 and last traded at $2.3950. 2,089,356 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 5,328,612 shares. The stock had previously closed at $2.60.

Wall Street Analysts Forecast Growth

INDI has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a research note on Friday, July 17th. Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a report on Friday, August 7th. Finally, TD Cowen lifted their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the company a “hold” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.75.

indie Semiconductor Trading Down 6.6%

The business has a fifty day simple moving average of $3.42 and a 200 day simple moving average of $3.74. The stock has a market cap of $478.69 million, a price-to-earnings ratio of -2.86 and a beta of 2.99. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.86 and a current ratio of 3.65.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%. The business had revenue of $64.01 million during the quarter, compared to the consensus estimate of $62.49 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, equities analysts anticipate that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Activity

In other indie Semiconductor news, COO Michael Wittmann sold 40,625 shares of indie Semiconductor stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $3.59, for a total transaction of $145,843.75. Following the sale, the chief operating officer directly owned 115,922 shares in the company, valued at $416,159.98. The trade was a 25.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sonalee Parekh sold 59,932 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $4.07, for a total transaction of $243,923.24. Following the sale, the director directly owned 99,857 shares of the company’s stock, valued at $406,417.99. The trade was a 37.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 347,611 shares of company stock valued at $1,286,707 in the last 90 days. Company insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of institutional investors have recently modified their holdings of INDI. Elemental Capital Partners LLC lifted its stake in indie Semiconductor by 60.0% in the 1st quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock valued at $40,715,000 after purchasing an additional 4,741,680 shares during the last quarter. Granahan Investment Management LLC raised its position in 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. Wasatch Advisors LP lifted its holdings in 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 buying an additional 2,154,279 shares during the period. Fifth Third Bancorp acquired a new stake in shares of indie Semiconductor in the first quarter valued at about $2,722,000. Finally, Madison Asset Management LLC bought a new position in shares of indie Semiconductor during the second quarter worth about $2,310,000. Institutional investors own 67.73% of the company’s stock.

About indie Semiconductor

indie Semiconductor, Inc is a fabless semiconductor company that develops technology for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and enhanced in-cabin experiences.

The company’s portfolio includes semiconductors and system solutions for computer vision, lidar and radar sensing, automotive networking, LED lighting, infotainment and user-interface applications. Its technologies are intended for use in systems such as automated parking, driver monitoring, vehicle detection, digital cockpit displays and other software-defined vehicle functions.

indie Semiconductor serves automotive original equipment manufacturers and Tier 1 suppliers globally.