indie Semiconductor (NASDAQ:INDI) Stock Price Target Lowered at B. Riley Financial

Key Points

• B. Riley cut its price target on indie Semiconductor from $5 to $4 but maintained a Buy rating, implying 124.7% upside from the cited share price. Across analysts, the stock has an average Hold rating and a $3.94 price target.
• Shares rose 31.4% on Friday to $1.78, though they remained below their 50-day and 200-day moving averages.
• Quarterly revenue increased 30.8% year over year to $70.24 million, roughly matching estimates, while the company’s loss per share of $0.05 was slightly worse than expected.

indie Semiconductor (NASDAQ:INDI - Get Free Report) had its price objective lowered by equities researchers at B. Riley Financial from $5.00 to $4.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley Financial's price objective would indicate a potential upside of 124.72% from the stock's current price.

A number of other brokerages have also recently weighed in on INDI. TD Cowen dropped their price objective on indie Semiconductor from $4.50 to $2.00 and set a "hold" rating for the company in a research note on Monday, October 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of indie Semiconductor in a research report on Thursday, October 15th. Finally, Roth Capital set a $5.00 target price on shares of indie Semiconductor in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $3.94.

indie Semiconductor Trading Up 31.4%

Shares of indie Semiconductor stock traded up $0.42 on Friday, reaching $1.78. The company had a trading volume of 5,127,054 shares, compared to its average volume of 5,423,688. The firm's 50 day moving average price is $2.64 and its two-hundred day moving average price is $3.50. The firm has a market cap of $412.62 million, a PE ratio of -2.39 and a beta of 3.10. indie Semiconductor has a 52-week low of $1.34 and a 52-week high of $5.49. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.86 and a current ratio of 3.65.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The company had revenue of $70.24 million during the quarter, compared to analyst estimates of $70.21 million. indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%. The business's revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Sell-side analysts predict that indie Semiconductor will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Naixi Wu sold 23,170 shares of the business's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $3.72, for a total transaction of $86,192.40. Following the completion of the transaction, the chief financial officer directly owned 156,058 shares of the company's stock, valued at approximately $580,535.76. The trade was a 12.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Michael Wittmann sold 42,468 shares of the company's stock in a transaction that occurred on 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 $397,224.40. The trade was a 30.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 353,861 shares of company stock worth $1,296,644. 2.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDI. Optiver Holding B.V. grew its stake in shares of indie Semiconductor by 7,163.7% during the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company's stock worth $26,000 after purchasing an additional 8,095 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in indie Semiconductor in the third quarter valued at $33,000. Principal Financial Group Inc. acquired a new stake in indie Semiconductor in the first quarter valued at $35,000. Integrated Wealth Concepts LLC acquired a new stake in indie Semiconductor in the second quarter valued at $49,000. Finally, PNC Financial Services Group Inc. lifted its holdings in indie Semiconductor by 37.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 28,199 shares of the company's stock worth $91,000 after buying an additional 7,724 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

About indie Semiconductor

indie Semiconductor, Inc develops semiconductor and software solutions for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and automotive user experiences.

The company's technology portfolio includes solutions for automotive radar, computer vision, lidar, ultrasonic sensing, vehicle networking, battery management and power conversion. Its products are intended for use in systems such as automated parking, blind-spot detection, collision avoidance, in-cabin monitoring, lighting, infotainment and other intelligent vehicle functions.

Founded in 2007 and headquartered in Aliso Viejo, California, indie serves automotive manufacturers and suppliers internationally.

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