indie Semiconductor, Inc. $INDI Stock Position Decreased by Comerica Bank

Key Points

• Comerica Bank cut its stake in indie Semiconductor by 22.3% in Q4, selling 280,921 shares and ending the period with 980,174 shares valued at about $3.46 million.
• Company insiders have been net sellers recently — the CEO sold 90,644 shares and the CFO 55,000, with insiders offloading a total of 862,682 shares (~$2.89M) in the last quarter; insiders now own 2.57% of the stock.
• Fundamentals and outlook: indie reported ($0.07) EPS and $58.0M revenue for the quarter (roughly in line with estimates), has a market cap of about $982M, and carries a consensus analyst rating of “Moderate Buy” with a $6.45 target.

Comerica Bank cut its position in shares of indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 22.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 980,174 shares of the company's stock after selling 280,921 shares during the period. Comerica Bank owned 0.45% of indie Semiconductor worth $3,460,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Evergreen Capital Management LLC purchased a new stake in shares of indie Semiconductor during the 2nd quarter worth about $37,000. Gainplan LLC purchased a new stake in shares of indie Semiconductor during the 4th quarter worth about $39,000. Jump Financial LLC purchased a new stake in shares of indie Semiconductor during the 2nd quarter worth about $39,000. Jefferies Financial Group Inc. purchased a new stake in shares of indie Semiconductor during the 3rd quarter worth about $55,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of indie Semiconductor by 32.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company's stock worth $66,000 after purchasing an additional 3,921 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

indie Semiconductor Stock Performance

Shares of NASDAQ INDI opened at $4.39 on Monday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.10 and a current ratio of 3.73. The firm has a market cap of $981.87 million, a price-to-earnings ratio of -6.01 and a beta of 2.74. The business's 50-day simple moving average is $3.12 and its 200-day simple moving average is $3.82. indie Semiconductor, Inc. has a 52 week low of $1.94 and a 52 week high of $6.05.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, meeting analysts' consensus estimates of ($0.07). The business had revenue of $58.01 million for the quarter, compared to analyst estimates of $57.11 million. indie Semiconductor had a negative return on equity of 29.33% and a negative net margin of 66.23%.The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.07) EPS. As a group, equities research analysts expect that indie Semiconductor, Inc. will post -0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on INDI shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of indie Semiconductor in a research note on Tuesday, April 21st. UBS Group set a $4.25 price target on indie Semiconductor in a research note on Sunday, February 22nd. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.45.

Insider Activity

In other news, CEO Donald Mcclymont sold 90,644 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $3.56, for a total transaction of $322,692.64. Following the transaction, the chief executive officer owned 282,393 shares of the company's stock, valued at approximately $1,005,319.08. This represents a 24.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Naixi Wu sold 55,000 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $2.81, for a total value of $154,550.00. Following the transaction, the chief financial officer directly owned 120,787 shares in the company, valued at approximately $339,411.47. This represents a 31.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 862,682 shares of company stock valued at $2,890,378. Insiders own 2.57% of the company's stock.

indie Semiconductor Profile

indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie's product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.

Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.

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