Malaga Cove Capital LLC Purchases Shares of 402,750 indie Semiconductor, Inc. (NASDAQ:INDI)

Key Points

• Malaga Cove Capital LLC has acquired 402,750 shares of indie Semiconductor, Inc. during Q1, valued at approximately $820,000, increasing its ownership to around 0.19% of the company.
• insider sales were reported, with COO Michael Wittmann selling 13,725 shares and Director Sonalee Elizabeth Parekh selling 11,841 shares, indicating a decrease in their holdings.
• indie Semiconductor's stock has recently seen a price objective range set by analysts, with ratings from "hold" to "buy" and a consensus price target of $6.08.

Malaga Cove Capital LLC bought a new position in shares of indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 402,750 shares of the company's stock, valued at approximately $820,000. Malaga Cove Capital LLC owned about 0.19% of indie Semiconductor at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SlateStone Wealth LLC increased its holdings in shares of indie Semiconductor by 27.1% during the first quarter. SlateStone Wealth LLC now owns 22,100 shares of the company's stock worth $45,000 after buying an additional 4,706 shares in the last quarter. Royce & Associates LP increased its holdings in indie Semiconductor by 92.7% in the first quarter. Royce & Associates LP now owns 1,185,020 shares of the company's stock valued at $2,412,000 after purchasing an additional 570,020 shares during the period. General American Investors Co. Inc. increased its holdings in indie Semiconductor by 77.8% in the first quarter. General American Investors Co. Inc. now owns 1,946,921 shares of the company's stock valued at $3,962,000 after purchasing an additional 851,753 shares during the period. Bank of New York Mellon Corp increased its holdings in indie Semiconductor by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 498,931 shares of the company's stock valued at $1,015,000 after purchasing an additional 5,322 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in indie Semiconductor in the first quarter valued at $53,000. 67.73% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Sonalee Elizabeth Parekh sold 11,841 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $3.42, for a total value of $40,496.22. Following the transaction, the director owned 119,857 shares in the company, valued at approximately $409,910.94. This represents a 8.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michael Wittmann sold 13,725 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $2.59, for a total transaction of $35,547.75. Following the completion of the transaction, the chief operating officer owned 101,662 shares in the company, valued at approximately $263,304.58. This represents a 11.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,823 shares of company stock worth $128,088 in the last three months. 5.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

INDI has been the subject of a number of recent research reports. Craig Hallum decreased their price objective on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research report on Thursday, April 24th. KeyCorp cut their price objective on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, Benchmark reissued a "buy" rating and set a $8.00 price objective (up previously from $6.00) on shares of indie Semiconductor in a research report on Wednesday, June 25th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $6.08.

indie Semiconductor Price Performance

NASDAQ:INDI traded down $0.01 during trading hours on Wednesday, hitting $3.63. The stock had a trading volume of 3,519,868 shares, compared to its average volume of 4,000,238. The company has a 50 day simple moving average of $3.61 and a two-hundred day simple moving average of $3.07. The company has a debt-to-equity ratio of 0.85, a current ratio of 5.30 and a quick ratio of 4.64. indie Semiconductor, Inc. has a one year low of $1.53 and a one year high of $5.57. The firm has a market capitalization of $771.41 million, a price-to-earnings ratio of -4.84 and a beta of 2.23.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). indie Semiconductor had a negative net margin of 62.64% and a negative return on equity of 27.25%. The firm had revenue of $54.08 million for the quarter, compared to analysts' expectations of $54.94 million. During the same quarter in the previous year, the company earned ($0.10) earnings per share. The company's revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

About indie Semiconductor

indie Semiconductor, Inc provides automotive semiconductors and software solutions for advanced driver assistance systems, autonomous vehicle, in-cabin, connected car, and electrification applications in the United States, South America, rest of North America, Greater China, South Korea, rest of the Asia Pacific, and Europe.