indie Semiconductor (NASDAQ:INDI) Stock Gets Price Target Reduction from TD Cowen

Key Points

• TD Cowen cut indie Semiconductor’s price target from $4.50 to $2.00 and maintained a “hold” rating, implying 6.95% upside from the prior close.
• Analyst sentiment remains cautious, with the stock carrying an average “Reduce” rating and a consensus price target of $3.92; shares opened at $1.87 and are near their 12-month low of $1.79.
• Indie reported quarterly revenue of $64.01 million, up 24% year over year, while matching estimates with a $0.05-per-share loss. Company insiders sold 347,611 shares worth about $1.29 million over the past 90 days.

indie Semiconductor (NASDAQ:INDI - Get Free Report) had its price target cut by equities researchers at TD Cowen from $4.50 to $2.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's target price suggests a potential upside of 6.95% from the company's previous close.

A number of other analysts also recently issued reports on INDI. Roth Capital set a $5.00 price target on indie Semiconductor in a report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of indie Semiconductor in a research report on Thursday. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, indie Semiconductor presently has an average rating of "Reduce" and a consensus price target of $3.92.

indie Semiconductor Price Performance

indie Semiconductor stock opened at $1.87 on Monday. The stock has a market cap of $433.48 million, a P/E ratio of -2.56 and a beta of 2.99. The company has a fifty day simple moving average of $3.28 and a 200-day simple moving average of $3.71. indie Semiconductor has a 12-month low of $1.79 and a 12-month high of $6.02. The company has a current ratio of 3.65, a quick ratio of 2.86 and a debt-to-equity ratio of 1.25.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The firm had revenue of $64.01 million during the quarter, compared to the consensus estimate of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The company's revenue was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Equities analysts expect that indie Semiconductor will post -0.54 EPS for the current fiscal year.

Insider Activity at indie Semiconductor

In other news, CFO Naixi Wu sold 21,171 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $3.54, for a total transaction of $74,945.34. Following the completion of the sale, the chief financial officer owned 153,183 shares in the company, valued at approximately $542,267.82. The trade was a 12.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Donald McClymont sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $3.11, for a total transaction of $155,500.00. Following the sale, the chief executive officer owned 481,026 shares of the company's stock, valued at $1,495,990.86. This represents a 9.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 347,611 shares of company stock worth $1,286,707 in the last ninety days. Company insiders own 2.57% of the company's stock.

Institutional Investors Weigh In On indie Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. boosted its stake in 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 acquiring an additional 8,095 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of indie Semiconductor during the second quarter worth about $49,000. Principal Financial Group Inc. purchased a new position in shares of indie Semiconductor during the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd increased its position in shares of indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company's stock worth $39,000 after purchasing an additional 10,999 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of indie Semiconductor by 37.7% during the first quarter. PNC Financial Services Group Inc. now owns 28,199 shares of the company's stock worth $91,000 after purchasing an additional 7,724 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

About indie Semiconductor

indie Semiconductor, Inc is a fabless semiconductor company that develops technology for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and enhanced in-cabin experiences.

The company's portfolio includes semiconductors and system solutions for computer vision, lidar and radar sensing, automotive networking, LED lighting, infotainment and user-interface applications. Its technologies are intended for use in systems such as automated parking, driver monitoring, vehicle detection, digital cockpit displays and other software-defined vehicle functions.

indie Semiconductor serves automotive original equipment manufacturers and Tier 1 suppliers globally.

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