Mitsubishi UFJ Asset Management Co. Ltd. Cuts Stock Position in indie Semiconductor, Inc. $INDI

Key Points

• Mitsubishi UFJ Asset Management cut its stake in indie Semiconductor by 42.2% in the fourth quarter, selling 336,093 shares and ending with 461,001 shares valued at about $1.71 million.
• Other institutions were mixed on the stock: some, including Vanguard and Artemis, added to positions, while hedge funds and other institutional investors still own 67.73% of shares outstanding.
• Insiders have also been selling shares, including the CFO and president, while analysts currently rate indie Semiconductor Moderate Buy with an average price target of $6.55.

Mitsubishi UFJ Asset Management Co. Ltd. lessened its position in indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 42.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 461,001 shares of the company's stock after selling 336,093 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.21% of indie Semiconductor worth $1,706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INDI. Artemis Investment Management LLP increased its holdings in indie Semiconductor by 1.1% during the 4th quarter. Artemis Investment Management LLP now owns 5,001,073 shares of the company's stock worth $17,654,000 after purchasing an additional 53,300 shares during the period. M&T Bank Corp purchased a new stake in indie Semiconductor during the 4th quarter worth about $43,000. Vanguard Group Inc. increased its holdings in indie Semiconductor by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 15,493,648 shares of the company's stock worth $54,693,000 after purchasing an additional 210,463 shares during the period. Bouvel Investment Partners LLC increased its holdings in indie Semiconductor by 51.6% during the 4th quarter. Bouvel Investment Partners LLC now owns 289,498 shares of the company's stock worth $1,022,000 after purchasing an additional 98,586 shares during the period. Finally, Gainplan LLC purchased a new stake in indie Semiconductor during the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group upped their price target on indie Semiconductor from $4.25 to $4.75 and gave the stock a "neutral" rating in a report on Friday. Weiss Ratings restated a "sell (d-)" rating on shares of indie Semiconductor in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, indie Semiconductor currently has an average rating of "Moderate Buy" and an average price target of $6.55.

Insider Transactions at indie Semiconductor

In other news, CFO Naixi Wu sold 55,000 shares of the company's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $2.81, for a total transaction of $154,550.00. Following the completion of the transaction, the chief financial officer directly owned 120,787 shares of the company's stock, valued at approximately $339,411.47. This represents a 31.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Ichiro Aoki sold 100,000 shares of the company's stock in a transaction dated Thursday, March 26th. The stock was sold at an average price of $3.28, for a total value of $328,000.00. Following the transaction, the president directly owned 100,952 shares of the company's stock, valued at approximately $331,122.56. This represents a 49.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 862,682 shares of company stock valued at $2,890,378. 2.57% of the stock is currently owned by corporate insiders.

indie Semiconductor Price Performance

Shares of NASDAQ INDI opened at $4.74 on Tuesday. The stock's 50-day moving average is $3.21 and its two-hundred day moving average is $3.78. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.73 and a quick ratio of 3.10. indie Semiconductor, Inc. has a 1-year low of $2.29 and a 1-year high of $6.05. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -6.24 and a beta of 2.74.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $55.46 million during the quarter, compared to analysts' expectations of $55.09 million. indie Semiconductor had a negative return on equity of 28.94% and a negative net margin of 69.76%.The business's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) EPS. Analysts forecast that indie Semiconductor, Inc. will post -0.44 EPS for the current fiscal year.

About indie Semiconductor

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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