indie Semiconductor, Inc. (NASDAQ:INDI – Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $3.43, but opened at $4.10. indie Semiconductor shares last traded at $3.86, with a volume of 1,926,036 shares trading hands.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on INDI shares. UBS Group increased their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a report on Friday, May 8th. TD Cowen boosted their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, July 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, indie Semiconductor has a consensus rating of “Hold” and an average target price of $5.75.
Read Our Latest Report on INDI
indie Semiconductor Trading Up 14.8%
indie Semiconductor (NASDAQ:INDI – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. indie Semiconductor’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.08) EPS. Analysts anticipate that indie Semiconductor, Inc. will post -0.52 EPS for the current year.
Insider Activity
In other news, CEO Donald Mcclymont sold 126,496 shares of indie Semiconductor stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $4.45, for a total transaction of $562,907.20. Following the transaction, the chief executive officer directly owned 424,617 shares of the company’s stock, valued at $1,889,545.65. This trade represents a 22.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Naixi Wu sold 19,640 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $4.37, for a total transaction of $85,826.80. Following the completion of the transaction, the chief financial officer directly owned 134,425 shares of the company’s stock, valued at $587,437.25. This trade represents a 12.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,490,456 shares of company stock valued at $7,501,613. 2.57% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On indie Semiconductor
A number of hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its stake in indie Semiconductor by 32.1% in the third quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company’s stock valued at $66,000 after purchasing an additional 3,921 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of indie Semiconductor by 20.5% during the 4th quarter. Cetera Investment Advisers now owns 25,683 shares of the company’s stock worth $91,000 after purchasing an additional 4,365 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of indie Semiconductor by 33.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company’s stock valued at $68,000 after buying an additional 4,763 shares during the last quarter. Abel Hall LLC grew its stake in shares of indie Semiconductor by 42.3% in the fourth quarter. Abel Hall LLC now owns 16,934 shares of the company’s stock valued at $60,000 after buying an additional 5,030 shares in the last quarter. Finally, Verition Fund Management LLC grew its stake in shares of indie Semiconductor by 1.9% in the fourth quarter. Verition Fund Management LLC now owns 268,590 shares of the company’s stock valued at $948,000 after buying an additional 5,055 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.
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.
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