indie Semiconductor (NASDAQ:INDI) Shares Down 15.1% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) was down 15.1% on Friday . The stock traded as low as $4.03 and last traded at $4.0750. Approximately 3,608,548 shares were traded during trading, a decline of 25% from the average daily volume of 4,830,383 shares. The stock had previously closed at $4.80.

Analyst Ratings Changes

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

indie Semiconductor Stock Performance

The company has a market capitalization of $918.95 million, a price-to-earnings ratio of -5.33 and a beta of 2.73. 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 has a 50 day simple moving average of $3.90 and a two-hundred day simple moving average of $3.75.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.The business had revenue of $55.46 million during the quarter, compared to analysts’ expectations of $55.09 million. During the same period in the prior year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, analysts anticipate that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Insider Buying and Selling at indie Semiconductor

In other news, CFO Naixi Wu sold 55,000 shares of the company’s stock in a transaction on Thursday, April 9th. The shares were 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 owned 120,787 shares in the company, valued at approximately $339,411.47. This represents a 31.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Ichiro Aoki sold 454,900 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $5.28, for a total transaction of $2,401,872.00. Following the completion of the transaction, the president directly owned 106,169 shares in the company, valued at $560,572.32. This trade represents a 81.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,928,657 shares of company stock worth $8,639,034 over the last three months. Insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. lifted its holdings in shares of indie Semiconductor by 32.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock valued at $66,000 after purchasing an additional 3,921 shares during the last quarter. Cetera Investment Advisers increased its position in indie Semiconductor by 20.5% during the fourth quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock worth $91,000 after buying an additional 4,365 shares during the period. Daiwa Securities Group Inc. lifted its stake in indie Semiconductor by 33.1% in the second quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock valued at $68,000 after buying an additional 4,763 shares during the last quarter. Abel Hall LLC lifted its stake in indie Semiconductor by 42.3% in the fourth quarter. Abel Hall LLC now owns 16,934 shares of the company’s stock valued at $60,000 after buying an additional 5,030 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in shares of indie Semiconductor by 1.9% in the fourth quarter. Verition Fund Management LLC now owns 268,590 shares of the company’s stock valued at $948,000 after acquiring an additional 5,055 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.