indie Semiconductor (NASDAQ:INDI) COO Michael Wittmann Sells 42,468 Shares of Stock

Key Points

• COO Michael Wittmann sold 42,468 indie Semiconductor shares at an average price of $4.10, generating $174,118.80 and reducing his direct stake by 30.48% to 96,884 shares. The sale follows several additional insider sales since June.
• indie Semiconductor’s shares recently traded at $4.34, while the company reported quarterly revenue of $64.01 million, up 24% year over year, and an adjusted loss of $0.05 per share that matched estimates.
• Analyst sentiment is broadly neutral, with a consensus “Hold” rating and a $4.75 price target. Institutional investors own 67.73% of the company, with several major funds increasing their positions.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) COO Michael Wittmann sold 42,468 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $4.10, for a total transaction of $174,118.80. Following the transaction, the chief operating officer directly owned 96,884 shares in the company, valued at approximately $397,224.40. The trade was a 30.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Michael Wittmann also recently made the following trade(s):

• On Monday, July 6th, Michael Wittmann sold 6,250 shares of indie Semiconductor stock. The stock was sold at an average price of $4.67, for a total transaction of $29,187.50.
• On Thursday, July 2nd, Michael Wittmann sold 30,207 shares of indie Semiconductor stock. The shares were sold at an average price of $4.45, for a total value of $134,421.15.
• On Thursday, June 4th, Michael Wittmann sold 39,645 shares of indie Semiconductor stock. The shares were sold at an average price of $4.80, for a total transaction of $190,296.00.
• On Tuesday, June 2nd, Michael Wittmann sold 37,500 shares of indie Semiconductor stock. The shares were sold at an average price of $5.13, for a total transaction of $192,375.00.

indie Semiconductor Price Performance

Shares of NASDAQ INDI traded down $0.37 during trading on Tuesday, hitting $4.34. 11,554,631 shares of the company were exchanged, compared to its average volume of 6,380,276. The firm's fifty day moving average price is $3.93 and its 200 day moving average price is $3.75. The company has a debt-to-equity ratio of 1.25, a current ratio of 3.65 and a quick ratio of 2.86. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -5.95 and a beta of 2.79. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 32.02%. The firm had revenue of $64.01 million during the quarter, compared to analysts' expectations of $62.49 million. During the same quarter last year, the business earned ($0.08) earnings per share. The business's revenue for the quarter was up 24.0% compared to the same quarter last year. On average, sell-side analysts expect that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INDI. Elemental Capital Partners LLC raised its stake in indie Semiconductor by 60.0% during 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 during the period. Granahan Investment Management LLC increased its holdings in shares of 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 buying an additional 3,067,255 shares during the last quarter. Millennium Management LLC raised its position in shares of indie Semiconductor by 456.6% in the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock worth $7,535,000 after buying an additional 3,037,435 shares during the period. Wasatch Advisors LP raised its position in shares of indie Semiconductor by 130.0% in the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company's stock worth $12,272,000 after buying an additional 2,154,279 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in indie Semiconductor by 117.0% in the fourth quarter. Handelsbanken Fonder AB now owns 3,428,175 shares of the company's stock valued at $12,101,000 after acquiring an additional 1,848,489 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently 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, May 8th. TD Cowen boosted their target price on indie Semiconductor from $4.00 to $4.50 and gave the stock a "hold" rating in a research report on Monday, July 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of indie Semiconductor in a report on Friday, July 17th. Wall Street Zen upgraded indie Semiconductor from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Roth Capital set a $5.00 price objective on shares of indie Semiconductor in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $4.75.

indie Semiconductor Company 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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