indie Semiconductor (NASDAQ:INDI) Shares Up 8.5% – Time to Buy?

indie Semiconductor, Inc. (NASDAQ:INDI) was up 8.5% during mid-day trading on Tuesday . The stock traded as high as $3.88 and last traded at $4.0810. 600,361 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 4,952,394 shares. The stock had previously closed at $3.76.

Analyst Upgrades and Downgrades

INDI has been the subject of several research analyst reports. 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 report on Friday, May 8th. TD Cowen initiated coverage on indie Semiconductor in a report on Wednesday, June 10th. They issued a “hold” rating and a $4.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. Finally, Wall Street Zen raised indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.58.

indie Semiconductor Stock Performance

The company has a market cap of $1.03 billion, a price-to-earnings ratio of -5.97 and a beta of 2.75. The firm’s 50 day simple moving average is $4.25 and its 200-day simple moving average is $3.77. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.39 and a current ratio of 4.11.

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

Insider Buying and Selling at indie Semiconductor

In other news, COO Michael Wittmann sold 39,645 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was 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 in the company, valued at $471,883.20. This represents a 28.74% 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 link. Also, CFO Naixi Wu sold 12,898 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $5.12, for a total value of $66,037.76. Following the completion of the sale, the chief financial officer directly owned 114,787 shares of the company’s stock, valued at approximately $587,709.44. This represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,643,552 shares of company stock worth $7,939,645 in the last quarter. Insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of indie Semiconductor by 9.6% during the 3rd quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock worth $62,203,000 after acquiring an additional 1,334,145 shares during the period. ArrowMark Colorado Holdings LLC purchased a new stake in shares of indie Semiconductor in the third quarter valued at about $3,931,000. Tudor Investment Corp ET AL purchased a new stake in shares of indie Semiconductor in the third quarter valued at about $22,385,000. Wasatch Advisors LP increased its position in indie Semiconductor by 130.0% during the first 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. Finally, Elemental Capital Partners LLC raised its stake in indie Semiconductor by 3.8% during the fourth quarter. Elemental Capital Partners LLC now owns 7,902,713 shares of the company’s stock worth $27,897,000 after purchasing an additional 291,111 shares during the period. Institutional investors and hedge funds 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.