indie Semiconductor (NASDAQ:INDI) Shares Gap Down – Time to Sell?

indie Semiconductor, Inc. (NASDAQ:INDI) shares gapped down prior to trading on Wednesday . The stock had previously closed at $3.16, but opened at $2.64. indie Semiconductor shares last traded at $2.46, with a volume of 7,806,576 shares.

Analyst Ratings Changes

Several brokerages recently weighed in on INDI. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of indie Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, December 13th. Finally, UBS Group set a $4.25 target price on shares of indie Semiconductor in a research note on Sunday, February 22nd. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.45.

indie Semiconductor Trading Down 19.3%

The company’s fifty day simple moving average is $3.88 and its 200-day simple moving average is $4.18. The firm has a market capitalization of $560.06 million, a PE ratio of -3.49 and a beta of 2.55. The company has a debt-to-equity ratio of 0.86, a current ratio of 3.75 and a quick ratio of 3.18.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings results on Thursday, February 19th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 28.81%. The firm had revenue of $58.01 million during the quarter, compared to the consensus estimate of $57.11 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The company’s revenue for the quarter was up .0% on a year-over-year basis. As a group, sell-side analysts expect that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at indie Semiconductor

In other news, CEO Donald Mcclymont sold 90,644 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $3.56, for a total transaction of $322,692.64. Following the completion of the sale, the chief executive officer owned 282,393 shares of the company’s stock, valued at $1,005,319.08. This represents a 24.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Naixi Wu sold 17,162 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $3.56, for a total transaction of $61,096.72. Following the sale, the chief financial officer directly owned 76,969 shares of the company’s stock, valued at $274,009.64. The trade was a 18.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 394,525 shares of company stock valued at $1,488,975 over the last ninety days. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

A number of institutional investors and hedge funds have recently bought and sold shares of INDI. Primecap Management Co. CA raised its holdings in indie Semiconductor by 3.0% in the 4th quarter. Primecap Management Co. CA now owns 29,774,708 shares of the company’s stock valued at $105,105,000 after acquiring an additional 873,940 shares during the last quarter. Bamco Inc. NY grew its position in shares of indie Semiconductor by 23.5% in the second quarter. Bamco Inc. NY now owns 25,294,776 shares of the company’s stock valued at $90,049,000 after purchasing an additional 4,813,397 shares in the last quarter. Frontier Capital Management Co. LLC increased its holdings in shares of indie Semiconductor by 29.9% in the second quarter. Frontier Capital Management Co. LLC now owns 17,960,663 shares of the company’s stock valued at $63,940,000 after purchasing an additional 4,139,349 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of indie Semiconductor by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 15,493,648 shares of the company’s stock valued at $54,693,000 after purchasing an additional 210,463 shares during the last quarter. Finally, Elemental Capital Partners LLC lifted its position in indie Semiconductor by 3.8% during the fourth quarter. Elemental Capital Partners LLC now owns 7,902,713 shares of the company’s stock worth $27,897,000 after buying an additional 291,111 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.