indie Semiconductor (NASDAQ:INDI) Shares Up 8.9% – Should You Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) were up 8.9% during mid-day trading on Thursday . The stock traded as high as $3.22 and last traded at $3.2350. Approximately 1,451,187 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 4,209,566 shares. The stock had previously closed at $2.97.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on INDI shares. UBS Group set a $4.25 target price on 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 Thursday, January 22nd. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, indie Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.45.

indie Semiconductor Stock Up 8.2%

The company has a 50 day simple moving average of $3.14 and a two-hundred day simple moving average of $3.88. The company has a quick ratio of 3.10, a current ratio of 3.73 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $719.07 million, a P/E ratio of -4.40 and a beta of 2.56.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). indie Semiconductor had a negative return on equity of 29.33% and a negative net margin of 66.23%.The company had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $57.11 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. As a group, equities analysts predict that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling

In other news, COO Michael Wittmann sold 18,750 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $2.54, for a total transaction of $47,625.00. Following the transaction, the chief operating officer owned 130,135 shares of the company’s stock, valued at approximately $330,542.90. This represents a 12.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Ichiro Aoki sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 27th. The shares were sold at an average price of $3.17, for a total value of $158,500.00. Following the transaction, the president directly owned 100,952 shares in the company, valued at approximately $320,017.84. This represents a 33.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 612,682 shares of company stock valued at $1,883,638. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of INDI. Royal Bank of Canada grew its stake in shares of indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock valued at $1,122,000 after buying an additional 416,519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of indie Semiconductor by 42.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock valued at $2,040,000 after buying an additional 298,339 shares during the last quarter. Millennium Management LLC grew its stake in shares of indie Semiconductor by 456.6% during the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after buying an additional 3,037,435 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of indie Semiconductor by 5.6% during the second quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after buying an additional 13,495 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of indie Semiconductor by 24.3% during the second quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock valued at $1,065,000 after buying an additional 58,473 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Company Profile

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.