Granahan Investment Management LLC Lowers Stock Position in indie Semiconductor, Inc. $INDI

Granahan Investment Management LLC reduced its position in indie Semiconductor, Inc. (NASDAQ:INDI) by 10.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 17,474,795 shares of the company’s stock after selling 2,012,607 shares during the period. indie Semiconductor accounts for approximately 2.9% of Granahan Investment Management LLC’s investment portfolio, making the stock its 7th largest holding. Granahan Investment Management LLC owned approximately 0.08% of indie Semiconductor worth $71,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of INDI. Royal Bank of Canada increased its position in indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock valued at $1,122,000 after acquiring an additional 416,519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in indie Semiconductor by 42.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock worth $2,040,000 after purchasing an additional 298,339 shares during the last quarter. Millennium Management LLC boosted its position in indie Semiconductor by 456.6% in the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock worth $7,535,000 after purchasing an additional 3,037,435 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of indie Semiconductor by 9.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 45,619 shares of the company’s stock valued at $162,000 after purchasing an additional 3,898 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of indie Semiconductor by 9.0% during the 2nd quarter. ProShare Advisors LLC now owns 39,775 shares of the company’s stock valued at $142,000 after purchasing an additional 3,300 shares during the period. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Stock Performance

NASDAQ:INDI opened at $2.48 on Monday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.10 and a current ratio of 3.73. The stock has a 50-day simple moving average of $3.71 and a two-hundred day simple moving average of $4.07. The firm has a market capitalization of $544.68 million, a PE ratio of -3.40 and a beta of 2.55. indie Semiconductor, Inc. has a 52-week low of $1.53 and a 52-week high of $6.05.

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

Insider Buying and Selling

In other indie Semiconductor news, COO Michael Wittmann sold 37,500 shares of indie Semiconductor stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $3.50, for a total transaction of $131,250.00. Following the transaction, the chief operating officer owned 123,885 shares of the company’s stock, valued at $433,597.50. The trade was a 23.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Naixi Wu sold 17,162 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was 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 owned 76,969 shares of the company’s stock, valued at approximately $274,009.64. The trade was a 18.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 293,420 shares of company stock valued at $1,037,529. Insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

indie Semiconductor 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.