Insider Selling: indie Semiconductor (NASDAQ:INDI) COO Sells 39,645 Shares of Stock

indie Semiconductor, Inc. (NASDAQ:INDI) COO Michael Wittmann sold 39,645 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $4.80, for a total transaction of $190,296.00. Following the sale, the chief operating officer directly owned 98,309 shares of the company’s stock, valued at approximately $471,883.20. This represents a 28.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Michael Wittmann also recently made the following trade(s):

• On Tuesday, June 2nd, Michael Wittmann sold 37,500 shares of indie Semiconductor stock. The stock was sold at an average price of $5.13, for a total value of $192,375.00.
• On Monday, April 6th, Michael Wittmann sold 4,720 shares of indie Semiconductor stock. The stock was sold at an average price of $2.99, for a total value of $14,112.80.
• On Monday, March 9th, Michael Wittmann sold 18,750 shares of indie Semiconductor stock. The shares were sold at an average price of $2.54, for a total value of $47,625.00.

indie Semiconductor Stock Performance

NASDAQ INDI traded down $0.75 on Friday, reaching $4.05. 5,353,116 shares of the stock were exchanged, compared to its average volume of 4,849,583. The company has a current ratio of 4.11, a quick ratio of 3.39 and a debt-to-equity ratio of 1.15. indie Semiconductor, Inc. has a one year low of $2.32 and a one year high of $6.05. The firm has a market capitalization of $918.96 million, a PE ratio of -5.33 and a beta of 2.73. The company’s 50-day simple moving average is $3.90 and its two-hundred day simple moving average is $3.75.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on INDI. UBS Group increased their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a report on Friday, May 8th. Weiss Ratings reissued 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 research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, indie Semiconductor has an average rating of “Hold” and an average target price of $6.92.

Hedge Funds Weigh In On indie Semiconductor

Several large investors have recently modified their holdings of INDI. Envestnet Asset Management Inc. lifted 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 worth $66,000 after buying an additional 3,921 shares during the period. Cetera Investment Advisers increased 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 worth $91,000 after buying an additional 4,365 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of indie Semiconductor by 33.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock valued at $68,000 after acquiring an additional 4,763 shares during the last quarter. Abel Hall LLC raised 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 purchasing an additional 5,030 shares during the last quarter. Finally, Verition Fund Management LLC grew its position 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 purchasing an additional 5,055 shares during the period. 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.