Bank of Nova Scotia Boosts 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 grew its position in shares of indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 612.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,324,256 shares of the company's stock after buying an additional 1,138,498 shares during the quarter. Bank of Nova Scotia owned 0.64% of indie Semiconductor worth $2,695,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Kera Capital Partners Inc. purchased a new position in indie Semiconductor in the first quarter worth $31,000. SlateStone Wealth LLC grew its stake in shares of indie Semiconductor by 27.1% during the 1st quarter. SlateStone Wealth LLC now owns 22,100 shares of the company's stock worth $45,000 after purchasing an additional 4,706 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of indie Semiconductor in the 1st quarter valued at about $53,000. National Bank of Canada FI lifted its stake in shares of indie Semiconductor by 42.7% in the fourth quarter. National Bank of Canada FI now owns 13,452 shares of the company's stock valued at $54,000 after purchasing an additional 4,023 shares during the period. Finally, ArrowMark Colorado Holdings LLC purchased a new stake in indie Semiconductor during the fourth quarter worth about $55,000. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Price Performance

INDI stock opened at $3.63 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.64 and a current ratio of 5.30. The stock's 50 day moving average price is $3.62 and its 200 day moving average price is $3.07. The firm has a market cap of $771.41 million, a P/E ratio of -4.84 and a beta of 2.23. indie Semiconductor, Inc. has a 1 year low of $1.53 and a 1 year high of $5.57.

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

Insider Activity at indie Semiconductor

In other indie Semiconductor news, Director Sonalee Elizabeth Parekh sold 11,841 shares of indie Semiconductor 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 completion of the sale, the director directly owned 119,857 shares of the company's stock, valued at approximately $409,910.94. The trade was a 8.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Wittmann sold 13,725 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $2.59, for a total value of $35,547.75. Following 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 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. Insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on INDI shares. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price (up from $6.00) on shares of indie Semiconductor in a report on Wednesday, June 25th. KeyCorp dropped their price objective on indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Craig Hallum decreased their target price on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, B. Riley restated a "buy" rating on shares of indie Semiconductor in a research report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $6.08.

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.

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