indie Semiconductor (NASDAQ:INDI) Stock Price Down 3.8% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price was down 3.8% during trading on Monday . The company traded as low as $3.53 and last traded at $3.53. Approximately 132,827 shares traded hands during trading, a decline of 95% from the average daily volume of 2,697,167 shares. The stock had previously closed at $3.67.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INDI. Roth Mkm cut their price target on shares of indie Semiconductor from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of indie Semiconductor in a report on Tuesday, September 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $10.50.

indie Semiconductor Stock Performance

The business’s 50-day simple moving average is $3.83 and its two-hundred day simple moving average is $5.38. The company has a quick ratio of 2.20, a current ratio of 2.66 and a debt-to-equity ratio of 0.31. The firm has a market cap of $661.14 million, a price-to-earnings ratio of -7.22 and a beta of 1.20.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.09) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.09). indie Semiconductor had a negative return on equity of 22.48% and a negative net margin of 34.65%. The company had revenue of $52.40 million during the quarter, compared to analysts’ expectations of $53.61 million. During the same quarter in the prior year, the firm posted ($0.11) EPS. indie Semiconductor’s quarterly revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts expect that indie Semiconductor, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, CFO Thomas Schiller sold 75,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $3.83, for a total transaction of $287,250.00. Following the completion of the transaction, the chief financial officer now directly owns 977,192 shares in the company, valued at approximately $3,742,645.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of indie Semiconductor by 1,743.8% during the second quarter. GAMMA Investing LLC now owns 4,130 shares of the company’s stock worth $25,000 after purchasing an additional 3,906 shares in the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of indie Semiconductor in the first quarter valued at about $53,000. Xponance Inc. purchased a new position in shares of indie Semiconductor in the second quarter worth about $63,000. Quent Capital LLC lifted its stake in shares of indie Semiconductor by 66.7% in the first quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $71,000 after buying an additional 4,000 shares in the last quarter. Finally, Creative Planning acquired a new position in indie Semiconductor during the third quarter worth about $75,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.