indie Semiconductor (NASDAQ:INDI) Shares Down 3.5%

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price dropped 3.5% during mid-day trading on Thursday . The company traded as low as $5.55 and last traded at $5.58. Approximately 801,665 shares traded hands during trading, a decline of 67% from the average daily volume of 2,462,878 shares. The stock had previously closed at $5.78.

Wall Street Analysts Forecast Growth

INDI has been the subject of a number of analyst reports. Craig Hallum reduced their target price on shares of indie Semiconductor from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. KeyCorp reduced their target price on shares of indie Semiconductor from $12.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $13.50.

indie Semiconductor Stock Down 3.2 %

The business’s 50 day moving average price is $6.60 and its two-hundred day moving average price is $6.65. The company has a quick ratio of 1.72, a current ratio of 1.96 and a debt-to-equity ratio of 0.33.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. indie Semiconductor had a negative net margin of 52.46% and a negative return on equity of 15.84%. The company had revenue of $70.13 million during the quarter, compared to analyst estimates of $72.69 million. Equities analysts forecast that indie Semiconductor, Inc. will post -0.42 earnings per share for the current year.

Insider Activity at indie Semiconductor

In related news, COO Michael Wittmann sold 8,700 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $6.95, for a total transaction of $60,465.00. Following the completion of the sale, the chief operating officer now directly owns 35,460 shares of the company’s stock, valued at $246,447. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Michael Wittmann sold 8,700 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $6.95, for a total transaction of $60,465.00. Following the completion of the sale, the chief operating officer now directly owns 35,460 shares of the company’s stock, valued at $246,447. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Donald Mcclymont sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $6.25, for a total transaction of $312,500.00. Following the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at $479,687.50. The disclosure for this sale can be found here. Insiders sold a total of 111,491 shares of company stock valued at $730,936 over the last ninety days. Insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

A number of large investors have recently made changes to their positions in the company. Tempus Wealth Planning LLC acquired a new stake in shares of indie Semiconductor during the first quarter valued at approximately $121,000. Financial Management Professionals Inc. acquired a new stake in shares of indie Semiconductor during the first quarter valued at approximately $53,000. Register Financial Advisors LLC raised its holdings in shares of indie Semiconductor by 21.2% during the first quarter. Register Financial Advisors LLC now owns 133,440 shares of the company’s stock valued at $945,000 after acquiring an additional 23,300 shares during the period. Bouvel Investment Partners LLC acquired a new stake in shares of indie Semiconductor during the first quarter valued at approximately $989,000. Finally, Salem Investment Counselors Inc. raised its holdings in shares of indie Semiconductor by 7,791.4% during the first quarter. Salem Investment Counselors Inc. now owns 51,294 shares of the company’s stock valued at $363,000 after acquiring an additional 50,644 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.