indie Semiconductor (NASDAQ:INDI) Stock Price Up 14.6% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price rose 14.6% on Friday . The stock traded as high as $4.87 and last traded at $4.7890. Approximately 2,832,105 shares changed hands during trading, a decline of 38% from the average daily volume of 4,597,662 shares. The stock had previously closed at $4.18.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. Wall Street Zen raised shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, UBS Group raised their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.92.

indie Semiconductor Price Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.39. The stock’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $3.72. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -6.33 and a beta of 2.74.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. The company had revenue of $55.46 million for the quarter, compared to the consensus estimate of $55.09 million. During the same quarter in the previous year, the company earned ($0.08) EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts forecast that indie Semiconductor, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Naixi Wu sold 55,000 shares of indie Semiconductor stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $2.81, for a total value of $154,550.00. Following the completion of the transaction, the chief financial officer directly owned 120,787 shares of the company’s stock, valued at $339,411.47. The trade was a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Ichiro Aoki sold 50,000 shares of indie Semiconductor stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $4.78, for a total value of $239,000.00. Following the completion of the transaction, the president directly owned 106,169 shares of the company’s stock, valued at $507,487.82. This represents a 32.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 912,682 shares of company stock worth $3,129,378. Corporate insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in INDI. Principal Financial Group Inc. acquired a new position in indie Semiconductor during the 1st quarter valued at about $35,000. Evergreen Capital Management LLC acquired a new position in indie Semiconductor during the 2nd quarter valued at about $37,000. Gainplan LLC acquired a new position in indie Semiconductor during the 4th quarter valued at about $39,000. Caitong International Asset Management Co. Ltd lifted its position in indie Semiconductor by 45,829.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after purchasing an additional 10,999 shares during the period. Finally, Jump Financial LLC acquired a new position in indie Semiconductor during the 2nd quarter valued at about $39,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.