indie Semiconductor (NASDAQ:INDI) Shares Gap Down Following Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price gapped down prior to trading on Tuesday after Benchmark lowered their price target on the stock from $8.00 to $6.00. The stock had previously closed at $2.64, but opened at $2.44. Benchmark currently has a buy rating on the stock. indie Semiconductor shares last traded at $2.55, with a volume of 1,120,415 shares changing hands.

Several other equities research analysts also recently issued reports on the stock. KeyCorp cut 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. B. Riley reissued a “buy” rating on shares of indie Semiconductor in a research report on Thursday, April 24th. Finally, UBS Group initiated coverage on indie Semiconductor in a research note on Friday, January 24th. They issued a “neutral” rating and a $4.50 target price for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.90.

Insider Activity at indie Semiconductor

In other news, CEO Donald Mcclymont sold 65,754 shares of indie Semiconductor stock in a transaction on Friday, March 7th. The stock was sold at an average price of $2.90, for a total transaction of $190,686.60. Following the transaction, the chief executive officer now directly owns 246,535 shares in the company, valued at approximately $714,951.50. This trade represents a 21.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael Wittmann sold 13,570 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $2.90, for a total value of $39,353.00. Following the completion of the sale, the chief operating officer now directly owns 67,012 shares of the company’s stock, valued at approximately $194,334.80. This represents a 16.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,277 shares of company stock valued at $434,192 in the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Institutional Trading of indie Semiconductor

Hedge funds have recently modified their holdings of the company. Kera Capital Partners Inc. acquired a new position in shares of indie Semiconductor in the 1st quarter valued at approximately $31,000. National Bank of Canada FI boosted its stake in shares of indie Semiconductor by 32.7% during the first quarter. National Bank of Canada FI now owns 17,852 shares of the company’s stock valued at $36,000 after purchasing an additional 4,400 shares in the last quarter. SlateStone Wealth LLC boosted its stake in shares of indie Semiconductor by 27.1% in the 1st quarter. SlateStone Wealth LLC now owns 22,100 shares of the company’s stock valued at $45,000 after purchasing an additional 4,706 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of indie Semiconductor in the 1st quarter valued at $53,000. Finally, ArrowMark Colorado Holdings LLC bought a new stake in indie Semiconductor during the 4th quarter worth approximately $55,000. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Trading Down 0.9%

The firm has a 50 day moving average of $2.13 and a 200 day moving average of $3.43. The firm has a market cap of $545.63 million, a PE ratio of -3.40 and a beta of 2.01. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. The business had revenue of $54.08 million for the quarter, compared to the consensus estimate of $54.94 million. During the same period last year, the business posted ($0.10) EPS. The company’s revenue was up 3.2% compared to the same quarter last year. Equities analysts anticipate that indie Semiconductor, Inc. will post -0.54 earnings per share for the current year.

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.