indie Semiconductor (NASDAQ:INDI) Stock Price Up 10.7% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price was up 10.7% on Monday . The stock traded as high as $4.82 and last traded at $4.7950. 2,297,377 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 5,080,692 shares. The stock had previously closed at $4.33.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. TD Cowen began coverage on indie Semiconductor in a research report on Wednesday, June 10th. They issued a “hold” rating and a $4.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. 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 target on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.58.

indie Semiconductor Price Performance

The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -6.33 and a beta of 2.75. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.39 and a current ratio of 4.11. The company has a fifty day simple moving average of $4.29 and a two-hundred day simple moving average of $3.77.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.The company had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. During the same period in the prior year, the firm posted ($0.08) EPS. indie Semiconductor’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts expect that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, President Ichiro Aoki sold 454,900 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $5.28, for a total transaction of $2,401,872.00. Following the completion of the transaction, the president owned 106,169 shares of the company’s stock, valued at approximately $560,572.32. The trade was a 81.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Naixi Wu sold 55,000 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $2.81, for a total value of $154,550.00. Following the sale, the chief financial officer owned 120,787 shares of the company’s stock, valued at approximately $339,411.47. This represents a 31.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,611,030 shares of company stock worth $7,842,404. Insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Optiver Holding B.V. grew its holdings in shares of indie Semiconductor by 7,163.7% during 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 indie Semiconductor in the second quarter valued at approximately $37,000. Principal Financial Group Inc. acquired a new stake in indie Semiconductor in the first quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd grew its stake in shares of indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock worth $39,000 after buying an additional 10,999 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of indie Semiconductor during the second quarter worth $39,000. 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.