indie Semiconductor (NASDAQ:INDI) Trading Up 6.8% – Time to Buy?

indie Semiconductor, Inc. (NASDAQ:INDI) shares rose 6.8% during mid-day trading on Tuesday . The stock traded as high as $3.22 and last traded at $3.24. Approximately 1,132,511 shares changed hands during trading, a decline of 69% from the average daily volume of 3,684,870 shares. The stock had previously closed at $3.03.

Analysts Set New Price Targets

Several analysts have commented on INDI shares. B. Riley reiterated a “buy” rating on shares of indie Semiconductor in a research report on Thursday, April 24th. Benchmark restated a “buy” rating and set a $6.00 target price on shares of indie Semiconductor in a research report on Wednesday, May 21st. KeyCorp reduced their price objective on shares of indie Semiconductor from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Finally, Craig Hallum reduced their price target on shares of indie Semiconductor from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $5.75.

indie Semiconductor Stock Up 8.4%

The firm’s 50-day simple moving average is $2.25 and its 200 day simple moving average is $3.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.39. The stock has a market capitalization of $698.11 million, a P/E ratio of -4.31 and a beta of 2.12.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $54.08 million for the quarter, compared to analyst estimates of $54.94 million. indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. indie Semiconductor’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.10) earnings per share. As a group, research analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at indie Semiconductor

In related news, COO Michael Wittmann sold 13,725 shares of indie Semiconductor stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $2.59, for a total transaction of $35,547.75. Following the completion of the transaction, the chief operating officer now owns 101,662 shares in the company, valued at approximately $263,304.58. This trade represents a 11.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Primecap Management Co. CA boosted its holdings in shares of indie Semiconductor by 8.9% during the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company’s stock worth $58,249,000 after buying an additional 2,335,620 shares during the period. Bamco Inc. NY grew its stake in indie Semiconductor by 30.6% during the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company’s stock worth $80,602,000 after buying an additional 4,661,220 shares in the last quarter. Frontier Capital Management Co. LLC increased 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 valued at $70,366,000 after acquiring an additional 6,517,978 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of indie Semiconductor by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 12,805,999 shares of the company’s stock valued at $26,060,000 after purchasing an additional 220,737 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in indie Semiconductor by 23.1% during the first quarter. Harbor Capital Advisors Inc. now owns 4,102,127 shares of the company’s stock worth $8,348,000 after acquiring an additional 768,907 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.