indie Semiconductor (NASDAQ:INDI) Trading Down 8.5% – What’s Next?

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price was down 8.5% during mid-day trading on Thursday . The stock traded as low as $3.44 and last traded at $3.3850. Approximately 2,116,565 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 2,872,197 shares. The stock had previously closed at $3.70.

Wall Street Analyst Weigh In

INDI has been the subject of a number of recent analyst reports. UBS Group upped their price target on shares of indie Semiconductor from $4.50 to $5.00 and gave the company a “hold” rating in a report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded indie Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, December 13th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.60.

indie Semiconductor Stock Down 6.8%

The company has a market capitalization of $757.51 million, a P/E ratio of -4.57 and a beta of 2.53. The company has a 50-day moving average of $3.97 and a two-hundred day moving average of $4.22. The company has a quick ratio of 3.18, a current ratio of 3.75 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling at indie Semiconductor

In other news, CFO Naixi Wu sold 12,448 shares of indie Semiconductor stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.67, for a total transaction of $45,684.16. Following the completion of the transaction, the chief financial officer directly owned 76,969 shares in the company, valued at approximately $282,476.23. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Ichiro Aoki sold 7,188 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.67, for a total value of $26,379.96. Following the transaction, the president directly owned 94,725 shares of the company’s stock, valued at approximately $347,640.75. This trade represents a 7.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 303,473 shares of company stock worth $1,171,700. Insiders own 5.60% of the company’s stock.

Institutional Trading of indie Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the company. Elemental Capital Partners LLC bought a new position in shares of indie Semiconductor in the third quarter worth approximately $30,979,000. Tudor Investment Corp ET AL bought a new stake in shares of indie Semiconductor during the third quarter valued at approximately $22,385,000. Bamco Inc. NY raised its holdings in indie Semiconductor by 23.5% in the 2nd quarter. Bamco Inc. NY now owns 25,294,776 shares of the company’s stock worth $90,049,000 after acquiring an additional 4,813,397 shares during the last quarter. Frontier Capital Management Co. LLC lifted its position in indie Semiconductor by 29.9% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 17,960,663 shares of the company’s stock valued at $63,940,000 after acquiring an additional 4,139,349 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in indie Semiconductor by 456.6% during the 1st 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. 67.73% of the stock is currently owned by 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.