indie Semiconductor (NASDAQ:INDI) Stock Price Down 6.7% - Here's What Happened

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price was down 6.7% on Thursday . The company traded as low as $2.76 and last traded at $2.73. Approximately 1,544,344 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 3,683,128 shares. The stock had previously closed at $2.92.

Analyst Upgrades and Downgrades

INDI has been the topic of a number of recent analyst reports. B. Riley reaffirmed a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. KeyCorp lowered their price target on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Craig Hallum cut 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. Finally, Benchmark reissued a "buy" rating and set a $6.00 price objective on shares of indie Semiconductor in a report on Wednesday, May 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, indie Semiconductor currently has an average rating of "Moderate Buy" and a consensus price target of $5.75.

indie Semiconductor Price Performance

The company has a market cap of $609.92 million, a price-to-earnings ratio of -3.78 and a beta of 2.12. The company has a fifty day simple moving average of $2.23 and a two-hundred day simple moving average of $3.25. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. The firm had revenue of $54.08 million for the quarter, compared to analysts' expectations of $54.94 million. During the same period in the prior year, the company earned ($0.10) EPS. The firm's revenue was up 3.2% on a year-over-year basis. On average, equities research analysts anticipate that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other indie Semiconductor news, COO Michael Wittmann sold 13,725 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $2.59, for a total transaction of $35,547.75. Following the sale, the chief operating officer now owns 101,662 shares in the company, valued at approximately $263,304.58. This represents a 11.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 38,986 shares of company stock worth $103,538 over the last ninety days. 8.20% of the stock is currently owned by insiders.

Institutional Trading of indie Semiconductor

Large investors have recently made changes to their positions in the stock. Regal Investment Advisors LLC lifted its holdings in indie Semiconductor by 39.2% in the 4th quarter. Regal Investment Advisors LLC now owns 14,174 shares of the company's stock valued at $57,000 after purchasing an additional 3,988 shares in the last quarter. National Bank of Canada FI raised its position 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 buying an additional 4,023 shares during the last quarter. Rhumbline Advisers raised its position in shares of indie Semiconductor by 1.8% in the fourth quarter. Rhumbline Advisers now owns 239,090 shares of the company's stock valued at $968,000 after buying an additional 4,156 shares during the last quarter. SlateStone Wealth LLC lifted its stake in shares of indie Semiconductor by 27.1% during the first quarter. SlateStone Wealth LLC now owns 22,100 shares of the company's stock valued at $45,000 after buying an additional 4,706 shares during the period. Finally, Invesco Ltd. boosted its position in indie Semiconductor by 5.5% during the fourth quarter. Invesco Ltd. now owns 93,328 shares of the company's stock worth $378,000 after acquiring an additional 4,879 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

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.