indie Semiconductor (NASDAQ:INDI) Trading 8.3% Higher – Still a Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) shot up 8.3% during trading on Thursday . The company traded as high as $4.17 and last traded at $4.3440. 5,981,073 shares changed hands during trading, an increase of 15% from the average session volume of 5,184,850 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. TD Cowen upped their price objective on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, July 13th. Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a report on Friday, August 7th. Wall Street Zen raised shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group upped their target price on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.75.

indie Semiconductor Trading Up 13.8%

The company has a debt-to-equity ratio of 1.25, a quick ratio of 3.39 and a current ratio of 3.65. The firm has a market capitalization of $1.09 billion, a P/E ratio of -6.45 and a beta of 2.79. The firm has a 50 day simple moving average of $3.92 and a two-hundred day simple moving average of $3.75.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $64.01 million during the quarter, compared to analyst estimates of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The business’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) EPS. Equities research analysts forecast that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In other indie Semiconductor news, CEO Donald Mcclymont sold 126,496 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $4.45, for a total value of $562,907.20. Following the completion of the sale, the chief executive officer directly owned 424,617 shares of the company’s stock, valued at approximately $1,889,545.65. This represents a 22.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Ichiro Aoki sold 300,562 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.18, for a total transaction of $1,556,911.16. Following the completion of the sale, the president owned 107,148 shares of the company’s stock, valued at approximately $555,026.64. This trade represents a 73.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,460,456 shares of company stock worth $7,338,613 in the last ninety days. 2.57% of the stock is owned by corporate insiders.

Institutional Trading of indie Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of the business. Primecap Management Co. CA lifted its holdings in indie Semiconductor by 3.0% during the fourth quarter. Primecap Management Co. CA now owns 29,774,708 shares of the company’s stock worth $105,105,000 after acquiring an additional 873,940 shares during the period. Bamco Inc. NY increased its position in shares of indie Semiconductor by 0.7% during the 4th quarter. Bamco Inc. NY now owns 21,705,742 shares of the company’s stock valued at $76,621,000 after purchasing an additional 148,455 shares during the last quarter. Granahan Investment Management LLC increased its position in shares of indie Semiconductor by 17.8% during the 1st quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock valued at $65,314,000 after purchasing an additional 3,067,255 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of indie Semiconductor by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 15,493,648 shares of the company’s stock worth $54,693,000 after purchasing an additional 210,463 shares during the period. Finally, Elemental Capital Partners LLC raised its stake in shares of indie Semiconductor by 60.0% during the 1st quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock worth $40,715,000 after purchasing an additional 4,741,680 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.