Bank of Nova Scotia Grows Stock Holdings in indie Semiconductor, Inc. (NASDAQ:INDI)

Key Points

• Bank of Nova Scotia increased its holdings in indie Semiconductor, Inc. by 612.9% during the first quarter, acquiring a total of 1,324,256 shares valued at approximately $2.7 million.
• indie Semiconductor reported a revenue of $54.08 million for the latest quarter, slightly below analysts' expectations of $54.94 million, and a negative EPS of ($0.08), consistent with consensus estimates.
• Institutional investors now own 67.73% of indie Semiconductor's stock, with several hedge funds making recent acquisitions and changes to their positions in the company.

Bank of Nova Scotia boosted its position in shares of indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 612.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,324,256 shares of the company's stock after acquiring an additional 1,138,498 shares during the quarter. Bank of Nova Scotia owned 0.64% of indie Semiconductor worth $2,695,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bamco Inc. NY grew its stake in shares of indie Semiconductor by 30.6% in the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after acquiring an additional 4,661,220 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in indie Semiconductor by 60.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock valued at $70,366,000 after purchasing an additional 6,517,978 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of indie Semiconductor by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 12,585,262 shares of the company's stock valued at $50,970,000 after buying an additional 942,088 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of indie Semiconductor by 23.1% during the first quarter. Harbor Capital Advisors Inc. now owns 4,102,127 shares of the company's stock worth $8,348,000 after buying an additional 768,907 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of indie Semiconductor by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 3,996,194 shares of the company's stock valued at $16,188,000 after purchasing an additional 52,127 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Stock Performance

Shares of NASDAQ:INDI traded up $0.20 on Friday, reaching $4.02. The company's stock had a trading volume of 8,804,579 shares, compared to its average volume of 4,536,695. 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 52-week low of $1.53 and a 52-week high of $5.57. The stock's 50-day moving average is $3.67 and its two-hundred day moving average is $3.06. The stock has a market capitalization of $854.29 million, a P/E ratio of -4.79 and a beta of 2.23.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). indie Semiconductor had a negative return on equity of 27.81% and a negative net margin of 71.98%. The company had revenue of $51.63 million for the quarter, compared to the consensus estimate of $51.40 million. During the same period last year, the business posted ($0.09) EPS. The company's revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts forecast that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In related news, COO Michael Wittmann sold 13,725 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $2.59, for a total value of $35,547.75. Following the completion of the sale, the chief operating officer owned 101,662 shares in the company, valued at $263,304.58. This trade represents a 11.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sonalee Elizabeth Parekh sold 11,841 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was 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 $409,910.94. The trade was a 8.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,823 shares of company stock valued at $128,088. 5.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on INDI shares. B. Riley restated a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. Craig Hallum reduced their price objective on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Benchmark reiterated a "buy" rating and set a $8.00 price target (up from $6.00) on shares of indie Semiconductor in a research note on Wednesday, June 25th. Finally, KeyCorp dropped their price objective on indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, indie Semiconductor has an average rating of "Moderate Buy" and a consensus target price of $5.90.

indie Semiconductor Profile

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.