indie Semiconductor (NASDAQ:INDI) Shares Down 8.6% After Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI) dropped 8.6% on Monday after Roth Mkm lowered their price target on the stock from $7.00 to $5.00. Roth Mkm currently has a buy rating on the stock. indie Semiconductor traded as low as $4.97 and last traded at $5.01. Approximately 1,782,981 shares traded hands during trading, a decline of 37% from the average daily volume of 2,842,476 shares. The stock had previously closed at $5.48.

Other research analysts have also recently issued research reports about the company. Benchmark lowered their price objective on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut 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. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $9.79.

Insider Buying and Selling

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

Institutional Trading of indie Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA grew its position in shares of indie Semiconductor by 61.4% during the 3rd quarter. Primecap Management Co. CA now owns 25,468,445 shares of the company’s stock valued at $101,619,000 after acquiring an additional 9,689,326 shares during the period. Bamco Inc. NY increased its position in indie Semiconductor by 28.0% in the first quarter. Bamco Inc. NY now owns 14,285,896 shares of the company’s stock worth $101,144,000 after buying an additional 3,121,255 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of indie Semiconductor by 3.2% in the first quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock worth $75,047,000 after buying an additional 332,500 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of indie Semiconductor by 290.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,195,910 shares of the company’s stock valued at $12,752,000 after buying an additional 2,377,612 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of indie Semiconductor by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,649,907 shares of the company’s stock valued at $11,681,000 after acquiring an additional 37,236 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

indie Semiconductor Stock Down 6.5 %

The company has a market capitalization of $937.73 million, a PE ratio of -7.58 and a beta of 1.22. The company’s fifty day moving average is $3.71 and its 200-day moving average is $5.14. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.20 and a current ratio of 2.66.

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.