Squarepoint Ops LLC Trims Stake in indie Semiconductor, Inc. $INDI

Key Points

• Squarepoint Ops LLC cut its indie Semiconductor stake by 39.4% in the second quarter, selling 472,955 shares and retaining 726,393 shares worth approximately $3.26 million. Institutional investors collectively own 67.73% of the company.
• Indie Semiconductor insiders also reduced their holdings: the CEO and CFO sold shares, while insiders sold 528,287 shares worth about $2.15 million during the latest quarter.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $4.75 price target. The company reported quarterly revenue of $64.01 million, up 24% year over year, while posting a loss of $0.05 per share.

Squarepoint Ops LLC lessened its stake in shares of indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 39.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 726,393 shares of the company's stock after selling 472,955 shares during the quarter. Squarepoint Ops LLC owned about 0.31% of indie Semiconductor worth $3,262,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Elemental Capital Partners LLC raised its holdings in shares of 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 acquiring an additional 4,741,680 shares during the last quarter. Granahan Investment Management LLC increased its position in indie Semiconductor by 17.8% during the 1st 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. Millennium Management LLC increased its position in indie Semiconductor by 456.6% during the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock worth $7,535,000 after purchasing an additional 3,037,435 shares in the last quarter. Wasatch Advisors LP raised its stake in indie Semiconductor by 130.0% in the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company's stock valued at $12,272,000 after purchasing an additional 2,154,279 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in indie Semiconductor by 117.0% in the 4th quarter. Handelsbanken Fonder AB now owns 3,428,175 shares of the company's stock valued at $12,101,000 after purchasing an additional 1,848,489 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Activity at indie Semiconductor

In other news, CEO Donald McClymont sold 126,496 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $4.45, for a total transaction of $562,907.20. Following the transaction, the chief executive officer directly owned 424,617 shares in the company, valued at $1,889,545.65. This represents a 22.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Naixi Wu sold 23,170 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $3.72, for a total transaction of $86,192.40. Following the completion of the sale, the chief financial officer directly owned 156,058 shares in the company, valued at $580,535.76. This represents a 12.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 528,287 shares of company stock worth $2,149,281. 2.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of indie Semiconductor from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. TD Cowen lifted their price target 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. Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of indie Semiconductor in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $4.75.

indie Semiconductor Price Performance

Shares of NASDAQ:INDI opened at $3.35 on Friday. The company has a market cap of $776.56 million, a P/E ratio of -4.59 and a beta of 2.78. The business has a fifty day simple moving average of $3.82 and a 200-day simple moving average of $3.73. indie Semiconductor, Inc. has a 52 week low of $2.32 and a 52 week high of $6.05. The company has a quick ratio of 2.86, a current ratio of 3.65 and a debt-to-equity ratio of 1.25.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The firm had revenue of $64.01 million for the quarter, compared to the consensus estimate of $62.49 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. Equities research analysts forecast that indie Semiconductor, Inc. will post -0.53 EPS for the current 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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