indie Semiconductor (NASDAQ:INDI) Shares Up 6.6% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) shot up 6.6% during trading on Thursday . The stock traded as high as $3.72 and last traded at $3.6250. 1,578,846 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 4,145,347 shares. The stock had previously closed at $3.40.

Wall Street Analyst Weigh In

Several research firms have commented on INDI. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Tuesday. UBS Group set a $4.25 target price on shares of indie Semiconductor in a research report on Sunday, February 22nd. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, indie Semiconductor currently has a consensus rating of “Moderate Buy” and an average price target of $6.45.

indie Semiconductor Stock Up 1.9%

The firm’s fifty day moving average price is $3.09 and its 200-day moving average price is $3.86. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.73 and a quick ratio of 3.10. The firm has a market capitalization of $774.98 million, a P/E ratio of -4.75 and a beta of 2.56.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $58.01 million during the quarter, compared to analysts’ expectations of $57.11 million. indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The business’s revenue was up .0% on a year-over-year basis. During the same period last year, the firm posted ($0.07) earnings per share. As a group, equities research analysts forecast that indie Semiconductor, Inc. will post -0.44 earnings per share for the current year.

Insider Activity at indie Semiconductor

In other news, CFO Naixi Wu sold 55,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $2.81, for a total value of $154,550.00. Following the completion of the transaction, the chief financial officer directly owned 120,787 shares in the company, valued at $339,411.47. This trade represents a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Donald Mcclymont sold 90,644 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 282,393 shares of the company’s stock, valued at $1,005,319.08. This trade represents a 24.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 612,682 shares of company stock valued at $1,883,638. Insiders own 5.60% of the company’s stock.

Institutional Trading of indie Semiconductor

A number of large investors have recently added to or reduced their stakes in INDI. Evergreen Capital Management LLC bought a new stake in indie Semiconductor during the second quarter worth approximately $37,000. Gainplan LLC bought a new stake in indie Semiconductor during the fourth quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd boosted its holdings in indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock worth $39,000 after buying an additional 10,999 shares in the last quarter. Jump Financial LLC bought a new stake in indie Semiconductor during the second quarter worth approximately $39,000. Finally, HBK Sorce Advisory LLC bought a new stake in indie Semiconductor during the third quarter worth approximately $41,000. 67.73% of the stock is currently owned by institutional investors.

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.