indie Semiconductor (NASDAQ:INDI) Trading 14.4% Higher – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI) shares traded up 14.4% on Monday . The company traded as high as $2.70 and last traded at $2.67. 1,215,359 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 3,837,670 shares. The stock had previously closed at $2.33.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of indie Semiconductor in a report on Friday, January 24th. They issued a “neutral” rating and a $4.50 target price on the stock. KeyCorp reduced their price objective on shares of indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of indie Semiconductor in a research report on Wednesday, April 9th. Finally, B. Riley reaffirmed a “buy” rating on shares of indie Semiconductor in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.30.

indie Semiconductor Stock Up 14.8%

The stock’s 50-day moving average price is $2.14 and its two-hundred day moving average price is $3.44. The stock has a market capitalization of $557.72 million, a P/E ratio of -3.52 and a beta of 2.01. The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, February 20th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The company had revenue of $58.01 million for the quarter, compared to the consensus estimate of $58.20 million. indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. As a group, research analysts expect that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Donald Mcclymont sold 50,000 shares of indie Semiconductor stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $3.12, for a total value of $156,000.00. Following the transaction, the chief executive officer now owns 65,932 shares in the company, valued at $205,707.84. This trade represents a 43.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Wittmann sold 10,875 shares of indie Semiconductor stock in a transaction on Monday, March 10th. The stock was sold at an average price of $2.81, for a total transaction of $30,558.75. Following the completion of the transaction, the chief operating officer now owns 77,887 shares in the company, valued at approximately $218,862.47. The trade was a 12.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,277 shares of company stock worth $434,192 in the last three months. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of large investors have recently added to or reduced their stakes in INDI. Frontier Capital Management Co. LLC raised its position in indie Semiconductor by 60.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company’s stock worth $70,366,000 after purchasing an additional 6,517,978 shares during the period. Artemis Investment Management LLP raised its position in indie Semiconductor by 482.7% in the 4th quarter. Artemis Investment Management LLP now owns 6,539,694 shares of the company’s stock worth $26,486,000 after purchasing an additional 5,417,296 shares during the period. Bamco Inc. NY raised its position in indie Semiconductor by 30.6% in the 4th quarter. Bamco Inc. NY now owns 19,901,826 shares of the company’s stock worth $80,602,000 after purchasing an additional 4,661,220 shares during the period. Elemental Capital Partners LLC purchased a new position in shares of indie Semiconductor in the fourth quarter valued at about $14,272,000. Finally, Primecap Management Co. CA increased its position in shares of indie Semiconductor by 8.9% in the first quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company’s stock valued at $58,249,000 after acquiring an additional 2,335,620 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About indie Semiconductor

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.