indie Semiconductor (NASDAQ:INDI) Stock Price Up 12% – Time to Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) rose 12% during trading on Thursday . The company traded as high as $4.62 and last traded at $4.5790. Approximately 4,953,978 shares traded hands during trading, an increase of 10% from the average daily volume of 4,490,715 shares. The stock had previously closed at $4.09.

Wall Street Analysts Forecast Growth

INDI has been the subject of a number of research reports. UBS Group set a $4.25 target price on shares of indie Semiconductor in a report on Sunday, February 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $6.45.

indie Semiconductor Stock Performance

The company has a market cap of $1.01 billion, a P/E ratio of -6.18 and a beta of 2.56. The business’s 50 day simple moving average is $3.10 and its 200 day simple moving average is $3.84. The company has a current ratio of 3.73, a quick ratio of 3.10 and a debt-to-equity ratio of 0.88.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The company had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $57.11 million. During the same quarter last year, the business earned ($0.07) EPS. The firm’s revenue was up .0% compared to the same quarter last year. Sell-side analysts predict that indie Semiconductor, Inc. will post -0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other indie Semiconductor news, President Ichiro Aoki sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $4.04, for a total transaction of $202,000.00. Following the sale, the president owned 106,169 shares in the company, valued at approximately $428,922.76. This trade represents a 32.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Donald Mcclymont sold 18,420 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $2.99, for a total transaction of $55,075.80. Following the sale, the chief executive officer owned 298,500 shares in the company, valued at approximately $892,515. The trade was a 5.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 762,682 shares of company stock worth $2,450,378. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

Several institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position 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 valued at $66,000 after buying an additional 3,921 shares during the last quarter. Cetera Investment Advisers raised its position in shares of indie Semiconductor by 20.5% during the fourth quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock valued at $91,000 after buying an additional 4,365 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of indie Semiconductor by 33.1% during the second quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock valued at $68,000 after buying an additional 4,763 shares during the last quarter. Abel Hall LLC raised its position 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 valued at $60,000 after buying an additional 5,030 shares during the last quarter. Finally, Verition Fund Management LLC raised its position in shares of indie Semiconductor by 1.9% during the fourth quarter. Verition Fund Management LLC now owns 268,590 shares of the company’s stock valued at $948,000 after buying an additional 5,055 shares during the last quarter. 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.