Benchmark Has Lowered Expectations for indie Semiconductor (NASDAQ:INDI) Stock Price

indie Semiconductor (NASDAQ:INDI) had its price target dropped by equities research analysts at Benchmark from $8.00 to $6.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 127.27% from the stock’s previous close.

Several other brokerages also recently commented on INDI. UBS Group initiated coverage on indie Semiconductor in a report on Friday, January 24th. They set a “neutral” rating and a $4.50 target price on the stock. KeyCorp decreased their target price 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. Finally, B. Riley reaffirmed a “buy” rating on shares of indie Semiconductor in a research note 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.90.

indie Semiconductor Stock Up 13.3%

Shares of NASDAQ INDI opened at $2.64 on Tuesday. indie Semiconductor has a 1 year low of $1.53 and a 1 year high of $7.82. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87. The firm has a market cap of $550.42 million, a PE ratio of -3.47 and a beta of 2.01. The company has a 50 day simple moving average of $2.13 and a 200 day simple moving average of $3.43.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. The firm had revenue of $54.08 million during the quarter, compared to the consensus estimate of $54.94 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, research analysts forecast that indie Semiconductor will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other news, COO Michael Wittmann sold 13,570 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $2.90, for a total transaction of $39,353.00. Following the transaction, the chief operating officer now owns 67,012 shares of the company’s stock, valued at $194,334.80. This represents a 16.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Donald Mcclymont sold 50,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $3.12, for a total value of $156,000.00. Following the completion of the sale, the chief executive officer now owns 65,932 shares of the company’s stock, valued at approximately $205,707.84. This represents a 43.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,277 shares of company stock worth $434,192. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of institutional investors have recently modified their holdings of INDI. Primecap Management Co. CA raised its holdings in indie Semiconductor by 8.9% during the first quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company’s stock worth $58,249,000 after buying an additional 2,335,620 shares during the last quarter. Bamco Inc. NY increased its position in shares of indie Semiconductor by 30.6% during the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company’s stock worth $80,602,000 after acquiring an additional 4,661,220 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in shares of indie Semiconductor by 60.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company’s stock worth $70,366,000 after acquiring an additional 6,517,978 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of indie Semiconductor by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 12,805,999 shares of the company’s stock worth $26,060,000 after acquiring an additional 220,737 shares during the last quarter. Finally, Artemis Investment Management LLP lifted 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 valued at $26,486,000 after acquiring an additional 5,417,296 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.