indie Semiconductor (NASDAQ:INDI) Stock Price Up 9.8% – Still a Buy?

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) rose 9.8% during mid-day trading on Monday . The stock traded as high as $4.30 and last traded at $4.4450. Approximately 697,407 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 4,810,320 shares. The stock had previously closed at $4.05.

Analysts Set New Price Targets

INDI has been the topic of several research analyst reports. TD Cowen initiated coverage on indie Semiconductor in a report on Wednesday. They issued a “hold” rating on the stock. Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. Finally, UBS Group boosted their price objective on indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a report on Friday, May 8th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $6.92.

indie Semiconductor Trading Down 10.1%

The company has a fifty day simple moving average of $3.95 and a two-hundred day simple moving average of $3.76. The company has a current ratio of 4.11, a quick ratio of 3.39 and a debt-to-equity ratio of 1.15. The company has a market cap of $912.14 million, a PE ratio of -5.29 and a beta of 2.73.

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.The company had revenue of $55.46 million for the quarter, compared to the consensus estimate of $55.09 million. During the same quarter in the prior year, the business earned ($0.08) EPS. indie Semiconductor’s revenue was up 2.5% on a year-over-year basis. Analysts anticipate that indie Semiconductor, Inc. will post -0.52 EPS for the current year.

Insider Activity

In other indie Semiconductor news, COO Michael Wittmann sold 39,645 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $4.80, for a total value of $190,296.00. Following the sale, the chief operating officer directly owned 98,309 shares of the company’s stock, valued at approximately $471,883.20. This represents a 28.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Donald Mcclymont sold 9,425 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.12, for a total value of $48,256.00. Following the completion of the transaction, the chief executive officer owned 307,363 shares in the company, valued at approximately $1,573,698.56. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,949,552 shares of company stock valued at $8,781,705. 2.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in indie Semiconductor by 9.6% during the 3rd quarter. Vanguard Group Inc. now owns 15,283,185 shares of the company’s stock worth $62,203,000 after buying an additional 1,334,145 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new position in indie Semiconductor during the 3rd quarter worth $3,931,000. Handelsbanken Fonder AB grew its position in indie Semiconductor by 1,938.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,579,686 shares of the company’s stock worth $6,429,000 after purchasing an additional 1,502,175 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in indie Semiconductor during the 3rd quarter worth $22,385,000. Finally, Elemental Capital Partners LLC grew its position in indie Semiconductor by 3.8% during the 4th quarter. Elemental Capital Partners LLC now owns 7,902,713 shares of the company’s stock worth $27,897,000 after purchasing an additional 291,111 shares during the last quarter. Hedge funds and other institutional investors 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.