indie Semiconductor (NASDAQ:INDI) Shares Gap Up – Time to Buy?

indie Semiconductor, Inc. (NASDAQ:INDI) shares gapped up prior to trading on Friday . The stock had previously closed at $3.43, but opened at $3.70. indie Semiconductor shares last traded at $3.7230, with a volume of 1,344,269 shares trading hands.

Analysts Set New Price Targets

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

indie Semiconductor Trading Up 14.4%

The stock has a market cap of $877.87 million, a price-to-earnings ratio of -5.39 and a beta of 2.56. The business’s fifty day simple moving average is $3.08 and its 200 day simple moving average 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.

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

Insider Buying and Selling

In other indie Semiconductor news, CFO Naixi Wu sold 55,000 shares of the firm’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $2.81, for a total value of $154,550.00. Following the sale, the chief financial officer directly owned 120,787 shares in the company, valued at approximately $339,411.47. This trade represents a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Donald Mcclymont sold 18,420 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $2.99, for a total value of $55,075.80. Following the completion of the sale, the chief executive officer owned 298,500 shares in the company, valued at $892,515. The trade was a 5.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 619,182 shares of company stock valued at $1,906,388. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On indie Semiconductor

Hedge funds have recently added to or reduced their stakes in the stock. Elemental Capital Partners LLC bought a new stake in indie Semiconductor in the third quarter valued at $30,979,000. Vanguard Group Inc. increased its holdings in shares of indie Semiconductor by 9.6% during the third quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock valued at $62,203,000 after purchasing an additional 1,334,145 shares during the period. ArrowMark Colorado Holdings LLC acquired a new position in shares of indie Semiconductor during the third quarter valued at $3,931,000. Handelsbanken Fonder AB increased its holdings in shares of indie Semiconductor by 1,938.0% during the third quarter. Handelsbanken Fonder AB now owns 1,579,686 shares of the company’s stock valued at $6,429,000 after purchasing an additional 1,502,175 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new position in indie Semiconductor during the third quarter worth about $22,385,000. 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.