indie Semiconductor (NASDAQ:INDI) Shares Up 8.6% – Here’s Why

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) were up 8.6% during trading on Friday . The company traded as high as $5.06 and last traded at $5.05. Approximately 1,543,806 shares traded hands during trading, a decline of 47% from the average daily volume of 2,889,671 shares. The stock had previously closed at $4.65.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on INDI shares. Benchmark cut their target price on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Roth Mkm decreased their price target on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $9.79.

indie Semiconductor Trading Up 7.1 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.39. The company has a market capitalization of $1.01 billion, a P/E ratio of -7.43 and a beta of 1.22. The company’s fifty day simple moving average is $3.89 and its 200-day simple moving average is $5.06.

Insider Activity

In other news, CFO Thomas Schiller sold 75,000 shares of the business’s 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 transaction, the chief financial officer now directly owns 977,192 shares of the company’s stock, valued at approximately $3,742,645.36. The trade was a 7.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Donald Mcclymont sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $4.71, for a total value of $942,000.00. Following the sale, the chief executive officer now directly owns 18,351 shares in the company, valued at approximately $86,433.21. The trade was a 91.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 278,531 shares of company stock worth $1,242,915. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in indie Semiconductor by 1,743.8% in 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 during the last quarter. Xponance Inc. purchased a new position in indie Semiconductor during the 2nd quarter worth $63,000. Legato Capital Management LLC purchased a new position in indie Semiconductor during the 2nd quarter worth $76,000. SlateStone Wealth LLC acquired a new position in indie Semiconductor during the 2nd quarter valued at about $82,000. Finally, Virtu Financial LLC purchased a new stake in indie Semiconductor in the third quarter valued at about $58,000. Hedge funds and other institutional investors 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.