Michael Wittmann Sells 30,207 Shares of indie Semiconductor (NASDAQ:INDI) Stock

indie Semiconductor, Inc. (NASDAQ:INDI) COO Michael Wittmann sold 30,207 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $4.45, for a total value of $134,421.15. Following the completion of the sale, the chief operating officer directly owned 145,602 shares of the company’s stock, valued at $647,928.90. The trade was a 17.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Michael Wittmann also recently made the following trade(s):

• On Thursday, June 4th, Michael Wittmann sold 39,645 shares of indie Semiconductor stock. The stock was sold at an average price of $4.80, for a total transaction of $190,296.00.
• On Tuesday, June 2nd, Michael Wittmann sold 37,500 shares of indie Semiconductor stock. The shares were sold at an average price of $5.13, for a total value of $192,375.00.

indie Semiconductor Stock Performance

Shares of indie Semiconductor stock traded up $0.30 during trading hours on Monday, hitting $4.63. 6,352,673 shares of the company were exchanged, compared to its average volume of 5,117,980. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05. 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 business has a 50-day moving average of $4.29 and a 200-day moving average of $3.77. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.09 and a beta of 2.75.

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. As a group, analysts expect that indie Semiconductor, Inc. will post -0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on INDI shares. Wall Street Zen upgraded shares of indie Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group increased their target price on indie Semiconductor from $4.25 to $4.75 and gave the stock a “neutral” rating in a research note on Friday, May 8th. TD Cowen began coverage on indie Semiconductor in a research note on Wednesday, June 10th. They issued a “hold” rating and a $4.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.58.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDI. Royal Bank of Canada boosted its position in indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company’s stock worth $1,122,000 after purchasing an additional 416,519 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of indie Semiconductor by 42.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company’s stock valued at $2,040,000 after purchasing an additional 298,339 shares in the last quarter. Millennium Management LLC grew its position in shares of indie Semiconductor by 456.6% in the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company’s stock valued at $7,535,000 after purchasing an additional 3,037,435 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of indie Semiconductor by 5.6% in the second quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company’s stock valued at $909,000 after purchasing an additional 13,495 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in indie Semiconductor by 24.3% in the 2nd quarter. Rhumbline Advisers now owns 299,275 shares of the company’s stock valued at $1,065,000 after buying an additional 58,473 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.