Primecap Management Co. CA Acquires 2,335,620 Shares of indie Semiconductor, Inc. (NASDAQ:INDI)

Key Points

• Primecap Management Co. CA significantly increased its stake in indie Semiconductor by 8.9%, owning over 28.6 million shares valued at approximately $58.2 million by the end of the first quarter.
• Insider trading activity showed that both COO Michael Wittmann and Director Sonalee Elizabeth Parekh sold shares recently, indicating an 11.89% and 8.99% decrease in their respective holdings.
• Research analysts have a consensus rating of "Moderate Buy" for indie Semiconductor, with target prices varying, the highest being set at $8.00 by Benchmark.

Primecap Management Co. CA lifted its stake in indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 8.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,623,386 shares of the company's stock after purchasing an additional 2,335,620 shares during the period. Primecap Management Co. CA owned 13.73% of indie Semiconductor worth $58,249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of INDI. Raymond James Financial Inc. acquired a new stake in shares of indie Semiconductor in the fourth quarter valued at approximately $421,000. KLP Kapitalforvaltning AS acquired a new stake in shares of indie Semiconductor in the fourth quarter valued at approximately $177,000. Vanguard Group Inc. increased its holdings in shares of indie Semiconductor by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 12,585,262 shares of the company's stock valued at $50,970,000 after purchasing an additional 942,088 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of indie Semiconductor in the fourth quarter valued at approximately $412,000. Finally, National Bank of Canada FI increased its holdings 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 in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Trading Down 1.4%

Shares of NASDAQ INDI traded down $0.06 during midday trading on Monday, reaching $3.97. 974,515 shares of the stock were exchanged, compared to its average volume of 4,028,038. The business has a 50-day simple moving average of $3.67 and a two-hundred day simple moving average of $3.05. The company has a market capitalization of $842.62 million, a price-to-earnings ratio of -4.72 and a beta of 2.23. indie Semiconductor, Inc. has a 12 month low of $1.53 and a 12 month high of $5.57. 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 (NASDAQ:INDI - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $51.63 million for the quarter, compared to analysts' expectations of $51.40 million. indie Semiconductor had a negative net margin of 71.98% and a negative return on equity of 27.81%. The firm's revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, equities research analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at indie Semiconductor

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INDI. Craig Hallum lowered their price target on shares of 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 reaffirmed a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. Benchmark reaffirmed a "buy" rating and set a $8.00 target price (up previously from $6.00) on shares of indie Semiconductor in a report on Wednesday, June 25th. Finally, KeyCorp lowered their target price on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $5.90.

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.