indie Semiconductor (NASDAQ:INDI) Stock Price Up 8.3% – Still a Buy?

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

Wall Street Analyst Weigh In

INDI has been the subject of a number of analyst reports. Craig Hallum cut their price target on indie Semiconductor from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. B. Riley restated a “buy” rating on shares of indie Semiconductor in a research note on Thursday, April 24th. KeyCorp reduced their target price on indie Semiconductor from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Finally, Benchmark reaffirmed a “buy” rating and set a $6.00 target price on shares of indie Semiconductor in a report on Wednesday, June 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

indie Semiconductor Stock Down 7.3%

The company has a current ratio of 5.30, a quick ratio of 4.64 and a debt-to-equity ratio of 0.85. The firm has a market cap of $671.53 million, a PE ratio of -4.21 and a beta of 2.12. The stock has a fifty day simple moving average of $2.43 and a two-hundred day simple moving average of $3.16.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). indie Semiconductor had a negative return on equity of 27.25% and a negative net margin of 62.64%. The business had revenue of $54.08 million during the quarter, compared to analyst estimates of $54.94 million. During the same quarter in the previous year, the firm earned ($0.10) EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insider Transactions at indie Semiconductor

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

Institutional Trading of indie Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of INDI. Frontier Capital Management Co. LLC boosted its stake in 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 buying an additional 6,517,978 shares in the last quarter. Bamco Inc. NY lifted its position in indie Semiconductor by 30.6% in the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company’s stock valued at $80,602,000 after purchasing an additional 4,661,220 shares during the last quarter. Millennium Management LLC lifted its position in indie Semiconductor by 456.6% in 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. Primecap Management Co. CA lifted its position in indie Semiconductor by 8.9% in the first quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company’s stock valued at $58,249,000 after purchasing an additional 2,335,620 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in indie Semiconductor in the fourth quarter valued at approximately $6,040,000. Hedge funds and other institutional investors 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.