indie Semiconductor, Inc. (NASDAQ:INDI) Short Interest Update

indie Semiconductor, Inc. (NASDAQ:INDI) was the target of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 65,575,813 shares, a growth of 33.8% from the February 26th total of 49,005,000 shares. Based on an average trading volume of 9,796,993 shares, the days-to-cover ratio is currently 6.7 days. Approximately 31.1% of the shares of the stock are short sold.

Insider Activity

In other indie Semiconductor news, CFO Naixi Wu sold 17,162 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $3.56, for a total value of $61,096.72. Following the transaction, the chief financial officer owned 76,969 shares in the company, valued at approximately $274,009.64. This represents a 18.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Donald Mcclymont sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $3.06, for a total value of $153,000.00. Following the completion of the sale, the chief executive officer directly owned 282,393 shares in the company, valued at approximately $864,122.58. This represents a 15.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 643,066 shares of company stock worth $2,064,563 in the last quarter. Insiders own 5.60% of the company’s stock.

Institutional Trading of indie Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the company. Elemental Capital Partners LLC purchased a new stake in indie Semiconductor in the third quarter worth approximately $30,979,000. Tudor Investment Corp ET AL purchased a new position in indie Semiconductor during the 3rd quarter valued at about $22,385,000. Bamco Inc. NY raised its holdings in shares of indie Semiconductor by 23.5% during the second quarter. Bamco Inc. NY now owns 25,294,776 shares of the company’s stock valued at $90,049,000 after acquiring an additional 4,813,397 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of indie Semiconductor by 29.9% during the 2nd 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 in the last quarter. Finally, Millennium Management LLC lifted its position in indie Semiconductor by 456.6% during the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after buying an additional 3,037,435 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

indie Semiconductor Stock Performance

INDI opened at $3.05 on Tuesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.73 and a quick ratio of 3.10. indie Semiconductor has a 1 year low of $1.53 and a 1 year high of $6.05. The company has a market capitalization of $682.16 million, a PE ratio of -4.18 and a beta of 2.55. The business has a fifty day simple moving average of $3.44 and a 200 day simple moving average of $3.96.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The business 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 firm’s revenue was up .0% compared to the same quarter last year. Research analysts expect that indie Semiconductor will post -0.54 EPS for the current year.

About indie Semiconductor

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.