Michael Wittmann Sells 17,045 Shares of indie Semiconductor (NASDAQ:INDI) Stock

indie Semiconductor, Inc. (NASDAQ:INDI) COO Michael Wittmann sold 17,045 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $3.72, for a total transaction of $63,407.40. Following the completion of the transaction, the chief operating officer directly owned 112,797 shares in the company, valued at $419,604.84. This trade represents a 13.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Michael Wittmann also recently made the following trade(s):

• On Friday, August 14th, Michael Wittmann sold 42,468 shares of indie Semiconductor stock. The stock was sold at an average price of $4.10, for a total transaction of $174,118.80.
• On Monday, July 6th, Michael Wittmann sold 6,250 shares of indie Semiconductor stock. The stock was sold at an average price of $4.67, for a total transaction of $29,187.50.
• On Thursday, July 2nd, Michael Wittmann sold 30,207 shares of indie Semiconductor stock. The stock was sold at an average price of $4.45, for a total transaction of $134,421.15.
• On Thursday, June 4th, Michael Wittmann sold 39,645 shares of indie Semiconductor stock. The shares were sold at an average price of $4.80, for a total transaction of $190,296.00.

indie Semiconductor Stock Performance

Shares of INDI opened at $3.57 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.86 and a current ratio of 3.65. The stock has a 50 day moving average price of $3.91 and a two-hundred day moving average price of $3.75. The firm has a market capitalization of $827.56 million, a P/E ratio of -4.89 and a beta of 2.78. indie Semiconductor, Inc. has a 52 week low of $2.32 and a 52 week high of $6.05.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The company had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. During the same quarter last year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. Equities analysts forecast that indie Semiconductor, Inc. will post -0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INDI. Roth Capital set a $5.00 target price on shares of indie Semiconductor in a research note on Friday, August 7th. UBS Group upped their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Friday, July 17th. TD Cowen boosted their target price on indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, indie Semiconductor presently has a consensus rating of “Hold” and an average price target of $4.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INDI. Royal Bank of Canada increased its holdings in indie Semiconductor by 309.7% in the 1st quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock worth $1,122,000 after acquiring an additional 416,519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in indie Semiconductor by 42.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock valued at $2,040,000 after purchasing an additional 298,339 shares during the last quarter. Millennium Management LLC lifted its holdings 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 purchasing an additional 3,037,435 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in indie Semiconductor by 5.6% during the second quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after purchasing an additional 13,495 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in indie Semiconductor by 24.3% during the second quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock worth $1,065,000 after purchasing an additional 58,473 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.