indie Semiconductor (NASDAQ:INDI) Shares Down 4.9%

indie Semiconductor, Inc. (NASDAQ:INDI) shares were down 4.9% on Monday . The stock traded as low as $3.70 and last traded at $3.72. Approximately 470,991 shares changed hands during trading, a decline of 83% from the average daily volume of 2,784,661 shares. The stock had previously closed at $3.91.

Analyst Upgrades and Downgrades

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

indie Semiconductor Stock Performance

The company has a market cap of $702.23 million, a price-to-earnings ratio of -7.67 and a beta of 1.20. The company has a current ratio of 2.66, a quick ratio of 2.20 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $4.86 and its 200 day simple moving average is $5.86.

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

Insider Buying and Selling

In related news, President Ichiro Aoki sold 50,000 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $6.14, for a total transaction of $307,000.00. Following the completion of the transaction, the president now owns 36,631 shares of the company’s stock, valued at approximately $224,914.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other indie Semiconductor news, President Ichiro Aoki sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $6.14, for a total value of $307,000.00. Following the completion of the transaction, the president now owns 36,631 shares of the company’s stock, valued at approximately $224,914.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas Schiller sold 75,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,742,645.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 206,882 shares of company stock valued at $1,096,570. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Primecap Management Co. CA raised its holdings in shares of indie Semiconductor by 93.5% in the 2nd quarter. Primecap Management Co. CA now owns 15,779,119 shares of the company’s stock valued at $97,357,000 after purchasing an additional 7,624,797 shares in the last quarter. Bamco Inc. NY raised its holdings in shares of indie Semiconductor by 28.0% in the 1st quarter. Bamco Inc. NY now owns 14,285,896 shares of the company’s stock valued at $101,144,000 after purchasing an additional 3,121,255 shares in the last quarter. Granahan Investment Management LLC raised its holdings in shares of indie Semiconductor by 63.3% in the 4th quarter. Granahan Investment Management LLC now owns 13,194,588 shares of the company’s stock valued at $107,008,000 after purchasing an additional 5,115,393 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of indie Semiconductor by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock valued at $75,047,000 after purchasing an additional 332,500 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of indie Semiconductor by 40.4% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,138,449 shares of the company’s stock valued at $25,453,000 after purchasing an additional 902,530 shares in the last quarter. 67.73% of the stock is currently 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.