indie Semiconductor, Inc. $INDI Stock Sold by Artemis Investment Management LLP

Key Points

• Artemis Investment Management cut its indie Semiconductor stake by 32.6% in the third quarter, selling 1.74 million shares and retaining 3.60 million shares worth approximately $10.5 million.
• Institutional investors collectively own 67.73% of INDI, while several funds—including Granahan Investment Management, Elemental Capital Partners and Wasatch Advisors—expanded their positions.
• Analysts have an overall “Hold” rating with an average $4.75 price target. The stock opened at $2.61, while the company reported 24% year-over-year revenue growth to $64.0 million but remained unprofitable.

Artemis Investment Management LLP lessened its holdings in indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 32.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,601,661 shares of the company's stock after selling 1,739,585 shares during the quarter. Artemis Investment Management LLP owned approximately 1.55% of indie Semiconductor worth $10,535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of INDI. Bamco Inc. NY increased its stake in indie Semiconductor by 0.7% in the 4th quarter. Bamco Inc. NY now owns 21,705,742 shares of the company's stock worth $76,621,000 after buying an additional 148,455 shares during the period. Granahan Investment Management LLC grew its stake in indie Semiconductor by 17.8% in the first quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company's stock worth $65,314,000 after purchasing an additional 3,067,255 shares in the last quarter. Elemental Capital Partners LLC grew its stake in indie Semiconductor by 60.0% in the first quarter. Elemental Capital Partners LLC now owns 12,644,393 shares of the company's stock worth $40,715,000 after purchasing an additional 4,741,680 shares in the last quarter. Wasatch Advisors LP increased its holdings in indie Semiconductor by 130.0% during the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company's stock worth $12,272,000 after purchasing an additional 2,154,279 shares during the period. Finally, Meros Investment Management LP increased its holdings in indie Semiconductor by 5.9% during the 4th quarter. Meros Investment Management LP now owns 2,112,972 shares of the company's stock worth $7,459,000 after purchasing an additional 118,154 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of indie Semiconductor in a report on Friday, July 17th. TD Cowen increased their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a "hold" rating in a report on Monday, July 13th. Finally, Roth Capital set a $5.00 target price on shares of indie Semiconductor in a research report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $4.75.

indie Semiconductor Stock Down 4.7%

Shares of indie Semiconductor stock opened at $2.61 on Friday. The company has a quick ratio of 2.86, a current ratio of 3.65 and a debt-to-equity ratio of 1.25. The company has a market cap of $605.02 million, a P/E ratio of -3.58 and a beta of 2.99. The firm's 50 day moving average price is $3.48 and its 200-day moving average price is $3.75. indie Semiconductor, Inc. has a 52-week low of $2.32 and a 52-week high of $6.05.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The company had revenue of $64.01 million during the quarter, compared to analysts' expectations of $62.49 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. indie Semiconductor's revenue for the quarter was up 24.0% compared to the same quarter last year. On average, sell-side analysts predict that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, CEO Donald McClymont sold 50,000 shares of indie Semiconductor stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $3.11, for a total transaction of $155,500.00. Following the completion of the sale, the chief executive officer owned 481,026 shares of the company's stock, valued at approximately $1,495,990.86. The trade was a 9.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sonalee Parekh sold 59,932 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $4.07, for a total value of $243,923.24. Following the sale, the director owned 99,857 shares in the company, valued at approximately $406,417.99. The trade was a 37.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 347,611 shares of company stock worth $1,286,707. 2.57% of the stock is owned by insiders.

indie Semiconductor Profile

indie Semiconductor, Inc is a fabless semiconductor company that develops technology for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and enhanced in-cabin experiences.

The company's portfolio includes semiconductors and system solutions for computer vision, lidar and radar sensing, automotive networking, LED lighting, infotainment and user-interface applications. Its technologies are intended for use in systems such as automated parking, driver monitoring, vehicle detection, digital cockpit displays and other software-defined vehicle functions.

indie Semiconductor serves automotive original equipment manufacturers and Tier 1 suppliers globally.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.