Wellington Management Group LLP Sells 1,128,520 Shares of indie Semiconductor, Inc. $INDI

Wellington Management Group LLP cut its position in shares of indie Semiconductor, Inc. (NASDAQ:INDI) by 44.9% in the second quarter, HoldingsChannel reports. The firm owned 1,385,023 shares of the company’s stock after selling 1,128,520 shares during the period. Wellington Management Group LLP’s holdings in indie Semiconductor were worth $6,219,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of indie Semiconductor by 32.1% during the third quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock valued at $66,000 after buying an additional 3,921 shares during the period. Cetera Investment Advisers raised its holdings in shares of indie Semiconductor by 20.5% in the fourth quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock valued at $91,000 after acquiring an additional 4,365 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in indie Semiconductor by 33.1% in the second quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock worth $68,000 after acquiring an additional 4,763 shares during the period. Abel Hall LLC grew its holdings in indie Semiconductor by 42.3% during the 4th quarter. Abel Hall LLC now owns 16,934 shares of the company’s stock worth $60,000 after acquiring an additional 5,030 shares in the last quarter. Finally, Verition Fund Management LLC grew its holdings in indie Semiconductor by 1.9% during the 4th quarter. Verition Fund Management LLC now owns 268,590 shares of the company’s stock worth $948,000 after acquiring an additional 5,055 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

indie Semiconductor Price Performance

Shares of INDI stock opened at $3.28 on Thursday. indie Semiconductor, Inc. has a 1-year low of $2.32 and a 1-year high of $6.05. The stock’s 50-day moving average is $3.86 and its 200 day moving average is $3.74. The company has a market cap of $760.34 million, a P/E ratio of -4.49 and a beta of 2.78. 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 (NASDAQ:INDI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Research analysts predict that indie Semiconductor, Inc. will post -0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on INDI shares. TD Cowen boosted their price target 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. Wall Street Zen upgraded shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.75.

Insider Activity

In other news, COO Michael Wittmann sold 42,468 shares of indie Semiconductor stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $4.10, for a total value of $174,118.80. Following the transaction, the chief operating officer owned 96,884 shares of the company’s stock, valued at $397,224.40. The trade was a 30.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sonalee Parekh sold 59,932 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 528,287 shares of company stock worth $2,149,281 in the last quarter. 2.57% of the stock is currently owned by corporate insiders.

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.