indie Semiconductor (NASDAQ:INDI) Shares Down 15.1% – Time to Sell?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) fell 15.1% during trading on Friday . The stock traded as low as $4.03 and last traded at $4.0750. 3,608,548 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 4,830,383 shares. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INDI shares. UBS Group raised their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Wall Street Zen upgraded shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, indie Semiconductor presently has a consensus rating of “Hold” and a consensus target price of $6.92.

indie Semiconductor Price Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.39. The company has a 50 day moving average price of $3.90 and a 200 day moving average price of $3.75. The firm has a market cap of $918.95 million, a PE ratio of -5.33 and a beta of 2.73.

indie Semiconductor (NASDAQ:INDI) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 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 2.5% on a year-over-year basis. During the same period last year, the firm posted ($0.08) EPS. Sell-side analysts expect that indie Semiconductor, Inc. will post -0.52 EPS for the current fiscal year.

Insider Activity

In other news, CFO Naixi Wu sold 12,898 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.12, for a total transaction of $66,037.76. Following the transaction, the chief financial officer directly owned 114,787 shares in the company, valued at $587,709.44. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Donald Mcclymont sold 9,425 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $5.12, for a total transaction of $48,256.00. Following the transaction, the chief executive officer directly owned 307,363 shares of the company’s stock, valued at $1,573,698.56. This represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,928,657 shares of company stock worth $8,639,034 in the last ninety days. 2.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of large investors have recently modified their holdings of the business. Primecap Management Co. CA boosted its stake in shares of indie Semiconductor by 3.0% in the fourth quarter. Primecap Management Co. CA now owns 29,774,708 shares of the company’s stock valued at $105,105,000 after buying an additional 873,940 shares in the last quarter. Bamco Inc. NY raised its position in indie Semiconductor by 0.7% in the fourth quarter. Bamco Inc. NY now owns 21,705,742 shares of the company’s stock worth $76,621,000 after acquiring an additional 148,455 shares in the last quarter. Granahan Investment Management LLC raised its position in indie Semiconductor by 17.8% in the first quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company’s stock worth $65,314,000 after acquiring an additional 3,067,255 shares in the last quarter. Vanguard Group Inc. lifted its holdings in indie Semiconductor by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 15,493,648 shares of the company’s stock valued at $54,693,000 after acquiring an additional 210,463 shares during the period. Finally, Elemental Capital Partners LLC boosted its position in shares of indie Semiconductor by 60.0% during the 1st quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company’s stock worth $40,715,000 after purchasing an additional 4,741,680 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

indie Semiconductor Company Profile

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.