indie Semiconductor (NASDAQ:INDI) Shares Down 10.3% Following Insider Selling

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price dropped 10.3% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $4.13 and last traded at $4.2250. 2,290,078 shares changed hands during trading, a decline of 57% from the average daily volume of 5,325,497 shares. The stock had previously closed at $4.71.

Specifically, COO Michael Wittmann sold 42,468 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $4.10, for a total transaction of $174,118.80. Following the sale, the chief operating officer owned 96,884 shares in the company, valued at approximately $397,224.40. The trade was a 30.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sonalee Elizabeth Parekh sold 20,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $3.80, for a total value of $76,000.00. Following the completion of the transaction, the director directly owned 159,789 shares in the company, valued at $607,198.20. This represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INDI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of indie Semiconductor in a report on Friday, July 17th. TD Cowen increased their price target on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, July 13th. Roth Capital set a $5.00 price target on shares of indie Semiconductor in a research report on Friday, August 7th. UBS Group lifted their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised shares of indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.75.

indie Semiconductor Stock Down 7.6%

The business’s fifty day simple moving average is $3.93 and its two-hundred day simple moving average is $3.75. The company has a market cap of $929.56 million, a PE ratio of -5.49 and a beta of 2.79. The company has a debt-to-equity ratio of 1.25, a current ratio of 3.65 and a quick ratio of 2.86.

indie Semiconductor (NASDAQ:INDI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The business had revenue of $64.01 million for the quarter, compared to analyst estimates of $62.49 million. During the same period in the prior year, the company posted ($0.08) EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, analysts predict that indie Semiconductor, Inc. will post -0.52 earnings per share for the current year.

Hedge Funds Weigh In On indie Semiconductor

Hedge funds have recently bought and sold shares of the business. Optiver Holding B.V. increased its position in shares of indie Semiconductor by 7,163.7% in the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company’s stock valued at $26,000 after buying an additional 8,095 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of indie Semiconductor during the 1st quarter valued at approximately $35,000. Evergreen Capital Management LLC acquired a new stake in indie Semiconductor in the 2nd quarter valued at $37,000. Caitong International Asset Management Co. Ltd grew its stake in indie Semiconductor by 45,829.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after acquiring an additional 10,999 shares during the period. Finally, Jump Financial LLC purchased a new stake in indie Semiconductor in the 2nd quarter worth $39,000. 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.