indie Semiconductor (NASDAQ:INDI) Shares Gap Down – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $5.28, but opened at $4.11. indie Semiconductor shares last traded at $4.29, with a volume of 1,830,484 shares.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their price target on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a report on Friday, August 9th. Roth Mkm reduced their price target on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Benchmark lowered their price objective on shares of indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $8.92.

indie Semiconductor Stock Performance

The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $4.03 and its two-hundred day moving average is $5.03. The stock has a market capitalization of $890.47 million, a P/E ratio of -6.40 and a beta of 1.36.

Insider Activity

In other news, CEO Donald Mcclymont sold 200,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $4.71, for a total transaction of $942,000.00. Following the transaction, the chief executive officer now directly owns 18,351 shares of the company’s stock, valued at approximately $86,433.21. This trade represents a 91.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

Several large investors have recently bought and sold shares of INDI. GAMMA Investing LLC boosted its holdings in shares of indie Semiconductor by 1,743.8% in the second quarter. GAMMA Investing LLC now owns 4,130 shares of the company’s stock valued at $25,000 after acquiring an additional 3,906 shares in the last quarter. Virtu Financial LLC bought a new position in indie Semiconductor during the 3rd quarter valued at $58,000. Xponance Inc. acquired a new position in shares of indie Semiconductor during the 2nd quarter valued at $63,000. Creative Planning acquired a new position in shares of indie Semiconductor during the 3rd quarter valued at $75,000. Finally, Legato Capital Management LLC acquired a new stake in shares of indie Semiconductor in the second quarter valued at $76,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

indie Semiconductor Company Profile

indie Semiconductor, Inc provides automotive semiconductors and software solutions for advanced driver assistance systems, autonomous vehicle, in-cabin, connected car, and electrification applications in the United States, South America, rest of North America, Greater China, South Korea, rest of the Asia Pacific, and Europe.