indie Semiconductor (NASDAQ:INDI) Trading 14.4% Higher – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI) rose 14.4% during mid-day trading on Monday . The stock traded as high as $2.70 and last traded at $2.67. Approximately 1,215,359 shares traded hands during trading, a decline of 68% from the average daily volume of 3,837,670 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

INDI has been the topic of several research analyst reports. KeyCorp reduced their price target on shares of indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. B. Riley reiterated a “buy” rating on shares of indie Semiconductor in a research report on Thursday, April 24th. UBS Group assumed coverage on shares of indie Semiconductor in a report on Friday, January 24th. They issued a “neutral” rating and a $4.50 price objective on the stock. Finally, Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of indie Semiconductor in a report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $6.30.

indie Semiconductor Trading Up 14.8%

The firm’s 50 day moving average price is $2.14 and its 200-day moving average price is $3.44. The stock has a market cap of $557.72 million, a P/E ratio of -3.52 and a beta of 2.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results on Thursday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The firm had revenue of $58.01 million during the quarter, compared to the consensus estimate of $58.20 million. indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. As a group, equities research analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, COO Michael Wittmann sold 10,875 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $2.81, for a total transaction of $30,558.75. Following the completion of the sale, the chief operating officer now directly owns 77,887 shares of the company’s stock, valued at approximately $218,862.47. This represents a 12.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Donald Mcclymont sold 65,754 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $2.90, for a total transaction of $190,686.60. Following the sale, the chief executive officer now directly owns 246,535 shares of the company’s stock, valued at approximately $714,951.50. This represents a 21.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,277 shares of company stock worth $434,192 over the last quarter. Company insiders own 8.20% of the company’s stock.

Institutional Trading of indie Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC increased its stake in shares of indie Semiconductor by 60.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company’s stock worth $70,366,000 after purchasing an additional 6,517,978 shares in the last quarter. Artemis Investment Management LLP increased its holdings in shares of indie Semiconductor by 482.7% in the 4th quarter. Artemis Investment Management LLP now owns 6,539,694 shares of the company’s stock worth $26,486,000 after buying an additional 5,417,296 shares during the last quarter. Bamco Inc. NY increased its holdings in shares of indie Semiconductor by 30.6% in the 4th quarter. Bamco Inc. NY now owns 19,901,826 shares of the company’s stock worth $80,602,000 after buying an additional 4,661,220 shares during the last quarter. Elemental Capital Partners LLC bought a new stake in shares of indie Semiconductor in the 4th quarter worth about $14,272,000. Finally, Primecap Management Co. CA boosted its stake in shares of indie Semiconductor by 8.9% during the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company’s stock worth $58,249,000 after purchasing an additional 2,335,620 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.