indie Semiconductor (NASDAQ:INDI) Shares Climb 19.6% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) rose 19.6% during mid-day trading on Monday. The company traded as high as $2.1664 and last traded at $2.1650. Approximately 9,083,339 shares traded hands during mid-day trading, an increase of 65% from the average session volume of 5,505,001 shares. The stock had previously closed at $1.81.

Wall Street Analysts Forecast Growth

Several research firms recently commented on INDI. Roth Capital set a $5.00 target price on shares of indie Semiconductor in a research report on Friday, August 7th. TD Cowen decreased their price target on shares of indie Semiconductor from $4.50 to $2.00 and set a “hold” rating for the company in a research report on Monday, October 19th. B. Riley Financial cut their price target on shares of indie Semiconductor from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, indie Semiconductor presently has a consensus rating of “Hold” and a consensus price target of $3.94.

indie Semiconductor Stock Up 1.1%

The stock has a 50-day moving average price of $2.54 and a 200-day moving average price of $3.46. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.37 and a quick ratio of 2.86. The company has a market capitalization of $534.32 million, a P/E ratio of -3.17 and a beta of 3.10.

indie Semiconductor (NASDAQ:INDI) last announced its earnings results on Thursday, November 5th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). indie Semiconductor had a negative net margin of 61.02% and a negative return on equity of 34.86%. The company had revenue of $70.24 million during the quarter, compared to the consensus estimate of $70.21 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. On average, research analysts predict that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insider Activity

In related news, Director Sonalee Parekh sold 59,932 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $4.07, for a total value of $243,923.24. Following the transaction, the director owned 99,857 shares in the company, valued at $406,417.99. The trade was a 37.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Wittmann sold 40,625 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $3.59, for a total transaction of $145,843.75. Following the sale, the chief operating officer directly owned 115,922 shares in the company, valued at $416,159.98. This trade represents a 25.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 367,194 shares of company stock valued at $1,288,977. Company insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

Several institutional investors have recently added to or reduced their stakes in the business. Optiver Holding B.V. raised its stake in indie Semiconductor by 7,163.7% during the 1st quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock worth $26,000 after buying an additional 8,095 shares during the period. Axxcess Wealth Management LLC bought a new position in indie Semiconductor in the third quarter worth approximately $33,000. Principal Financial Group Inc. acquired a new stake in indie Semiconductor in the first quarter valued at approximately $35,000. Integrated Wealth Concepts LLC acquired a new stake in indie Semiconductor in the second quarter valued at approximately $49,000. Finally, Global Retirement Partners LLC grew its stake in indie Semiconductor by 42.0% in the third quarter. Global Retirement Partners LLC now owns 17,555 shares of the company’s stock valued at $51,000 after acquiring an additional 5,196 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

indie Semiconductor Company Profile

indie Semiconductor, Inc. is a fabless semiconductor company that develops automotive technologies for advanced driver-assistance systems (ADAS), automated driving, in-cabin experiences, vehicle connectivity and electrification. Its products combine analog and mixed-signal circuits with digital processing and software for use in vehicle systems. The company’s offerings support applications such as radar, lidar, computer vision, ultrasonic sensing, audio and vehicle networking. Automakers and automotive suppliers use its technologies to help enable sensing, safety and other electronic functions in vehicles.