indie Semiconductor (NASDAQ:INDI) Trading Down 5.9% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price dropped 5.9% during mid-day trading on Monday . The company traded as low as $2.96 and last traded at $2.9450. Approximately 595,819 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 4,368,650 shares. The stock had previously closed at $3.13.

Wall Street Analysts Forecast Growth

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

indie Semiconductor Trading Down 6.9%

The company has a debt-to-equity ratio of 0.88, a current ratio of 3.73 and a quick ratio of 3.10. The business has a 50-day simple moving average of $3.34 and a two-hundred day simple moving average of $3.94. The stock has a market cap of $651.97 million, a price-to-earnings ratio of -4.01 and a beta of 2.56.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $58.01 million during the quarter, compared to analysts’ expectations of $57.11 million. indie Semiconductor had a negative return on equity of 29.33% and a negative net margin of 66.23%.The business’s revenue was up .0% on a year-over-year basis. During the same period last year, the firm posted ($0.07) earnings per share. Equities analysts forecast that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, CEO Donald Mcclymont sold 90,644 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $3.56, for a total value of $322,692.64. Following the transaction, the chief executive officer directly owned 282,393 shares in the company, valued at $1,005,319.08. The trade was a 24.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Naixi Wu sold 17,162 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $3.56, for a total transaction of $61,096.72. Following the completion of the transaction, the chief financial officer directly owned 76,969 shares in the company, valued at $274,009.64. The trade was a 18.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 525,160 shares of company stock valued at $1,631,848. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On indie Semiconductor

A number of institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its holdings in indie Semiconductor by 32.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock worth $66,000 after purchasing an additional 3,921 shares during the last quarter. Cetera Investment Advisers grew its holdings in indie Semiconductor by 20.5% in the 4th quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock valued at $91,000 after buying an additional 4,365 shares in the last quarter. Daiwa Securities Group Inc. increased its position in indie Semiconductor by 33.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock worth $68,000 after buying an additional 4,763 shares during the period. Abel Hall LLC lifted its holdings in shares of indie Semiconductor by 42.3% during the fourth quarter. Abel Hall LLC now owns 16,934 shares of the company’s stock worth $60,000 after buying an additional 5,030 shares in the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of indie Semiconductor by 1.9% during the fourth quarter. Verition Fund Management LLC now owns 268,590 shares of the company’s stock worth $948,000 after buying an additional 5,055 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

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.