indie Semiconductor (NASDAQ:INDI) Shares Up 8.3% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price shot up 8.3% during mid-day trading on Monday . The company traded as high as $3.38 and last traded at $3.46. 302,653 shares traded hands during trading, a decline of 92% from the average session volume of 3,747,479 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

Several brokerages have weighed in on INDI. B. Riley reaffirmed a “buy” rating on shares of indie Semiconductor in a research note on Thursday, April 24th. Benchmark reiterated a “buy” rating and issued a $6.00 target price on shares of indie Semiconductor in a report on Wednesday, June 11th. KeyCorp dropped their target price on indie Semiconductor from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Finally, Craig Hallum lowered their target price on indie Semiconductor from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, indie Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.75.

indie Semiconductor Stock Performance

The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average price of $2.37 and a 200-day moving average price of $3.18. The firm has a market capitalization of $723.61 million, a price-to-earnings ratio of -4.48 and a beta of 2.12.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. The business had revenue of $54.08 million during the quarter, compared to analysts’ expectations of $54.94 million. During the same period in the prior year, the firm posted ($0.10) EPS. indie Semiconductor’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, analysts anticipate that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other indie Semiconductor news, COO Michael Wittmann sold 13,725 shares of indie Semiconductor stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $2.59, for a total value of $35,547.75. Following the sale, the chief operating officer now owns 101,662 shares of the company’s stock, valued at $263,304.58. This trade represents a 11.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the company. Kera Capital Partners Inc. acquired a new position in indie Semiconductor during the first quarter valued at approximately $31,000. National Bank of Canada FI raised its position in indie Semiconductor by 32.7% during the 1st quarter. National Bank of Canada FI now owns 17,852 shares of the company’s stock worth $36,000 after purchasing an additional 4,400 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of indie Semiconductor by 36.5% in the 1st quarter. Hsbc Holdings PLC now owns 19,486 shares of the company’s stock worth $39,000 after acquiring an additional 5,213 shares in the last quarter. SlateStone Wealth LLC raised its position in shares of indie Semiconductor by 27.1% in the 1st quarter. SlateStone Wealth LLC now owns 22,100 shares of the company’s stock worth $45,000 after acquiring an additional 4,706 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of indie Semiconductor in the 1st quarter worth about $53,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

indie Semiconductor Company Profile

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.