indie Semiconductor (NASDAQ:INDI) Director Sells $76,000.00 in Stock

Key Points

• Director Sonalee Elizabeth Parekh sold 20,000 indie Semiconductor shares at $3.80 each for $76,000, reducing her direct holdings by 11.12% to 159,789 shares.
• indie Semiconductor reported quarterly revenue of $64.01 million, up 24% year over year, while matching analysts’ loss estimate of $0.05 per share; the company continues to post negative net margins and return on equity.
• Analysts maintain a consensus “Hold” rating with an average price target of $4.75. The stock recently traded at $4.71, while institutional investors own 67.73% of outstanding shares.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) Director Sonalee Elizabeth Parekh sold 20,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $3.80, for a total transaction of $76,000.00. Following the transaction, the director directly owned 159,789 shares in the company, valued at $607,198.20. This trade represents a 11.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

indie Semiconductor Stock Performance

indie Semiconductor stock traded up $0.57 during trading hours on Friday, hitting $4.71. The stock had a trading volume of 12,462,121 shares, compared to its average volume of 5,282,724. The company has a market cap of $1.07 billion, a PE ratio of -6.45 and a beta of 2.79. The company has a quick ratio of 3.39, a current ratio of 4.11 and a debt-to-equity ratio of 1.15. The company has a 50-day moving average of $3.91 and a two-hundred day moving average of $3.75. indie Semiconductor, Inc. has a fifty-two week low of $2.32 and a fifty-two week high of $6.05.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The company had revenue of $64.01 million during the quarter, compared to the consensus estimate of $62.49 million. indie Semiconductor had a negative net margin of 65.18% and a negative return on equity of 30.89%. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) EPS. On average, equities research analysts anticipate that indie Semiconductor, Inc. will post -0.52 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Roth Capital set a $5.00 price objective on indie Semiconductor in a research note on Friday, August 7th. UBS Group raised their target price on indie Semiconductor from $4.25 to $4.75 and gave the stock a "neutral" rating in a research report on Friday, May 8th. TD Cowen boosted their price target on indie Semiconductor from $4.00 to $4.50 and gave the company a "hold" rating in a research note on Monday, July 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of indie Semiconductor in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded indie Semiconductor from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $4.75.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in shares of indie Semiconductor by 309.7% during the first quarter. Royal Bank of Canada now owns 551,007 shares of the company's stock worth $1,122,000 after purchasing an additional 416,519 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in indie Semiconductor by 42.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company's stock worth $2,040,000 after purchasing an additional 298,339 shares during the last quarter. Millennium Management LLC lifted its holdings 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 buying an additional 3,037,435 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in indie Semiconductor by 5.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company's stock worth $909,000 after buying an additional 13,495 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in indie Semiconductor by 24.3% in the 2nd quarter. Rhumbline Advisers now owns 299,275 shares of the company's stock valued at $1,065,000 after buying an additional 58,473 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

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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