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

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price was down 6.7% during trading 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

A number of brokerages have commented on INDI. Benchmark reaffirmed a "buy" rating and set a $6.00 price target on shares of indie Semiconductor in a research report on Wednesday, May 21st. Craig Hallum dropped their price target on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. B. Riley restated a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. Finally, KeyCorp lowered their price objective on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, indie Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.75.

indie Semiconductor Stock Performance

The company's 50-day moving average is $2.22 and its two-hundred day moving average is $3.27. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32. The company has a market cap of $615.23 million, a P/E ratio of -3.80 and a beta of 2.12.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. The company had revenue of $54.08 million during the quarter, compared to analyst estimates of $54.94 million. indie Semiconductor's quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) EPS. Equities analysts predict that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Transactions at indie Semiconductor

In related news, COO Michael Wittmann sold 10,875 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $2.81, for a total value of $30,558.75. Following the completion of the transaction, the chief operating officer now directly owns 77,887 shares of the company's stock, valued at approximately $218,862.47. This trade represents a 12.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 38,986 shares of company stock worth $103,538 over the last quarter. Corporate insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On indie Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kera Capital Partners Inc. purchased a new position in shares of indie Semiconductor in the first quarter valued at $31,000. National Bank of Canada FI grew its holdings in indie Semiconductor by 32.7% during the 1st quarter. National Bank of Canada FI now owns 17,852 shares of the company's stock valued at $36,000 after buying an additional 4,400 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of indie Semiconductor by 36.5% during the first quarter. Hsbc Holdings PLC now owns 19,486 shares of the company's stock valued at $39,000 after buying an additional 5,213 shares during the period. SlateStone Wealth LLC lifted its holdings in shares of indie Semiconductor by 27.1% in the first quarter. SlateStone Wealth LLC now owns 22,100 shares of the company's stock worth $45,000 after buying an additional 4,706 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in indie Semiconductor during the first quarter valued at approximately $53,000. Institutional investors own 67.73% of the company's stock.

indie Semiconductor Company Profile

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.