indie Semiconductor (NASDAQ:INDI) Shares Gap Down After Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price gapped down before the market opened on Tuesday after Craig Hallum lowered their price target on the stock from $8.00 to $6.00. The stock had previously closed at $2.64, but opened at $2.44. Craig Hallum currently has a buy rating on the stock. indie Semiconductor shares last traded at $2.55, with a volume of 1,120,415 shares.

Several other analysts also recently commented on the company. UBS Group started coverage on indie Semiconductor in a research note on Friday, January 24th. They set a "neutral" rating and a $4.50 price objective on the stock. Benchmark 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. KeyCorp dropped their price target on indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $5.75.

Insider Buying and Selling at indie Semiconductor

In other news, CEO Donald Mcclymont sold 65,754 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $2.90, for a total value of $190,686.60. Following the completion of the transaction, the chief executive officer now owns 246,535 shares in the company, valued at $714,951.50. This trade represents a 21.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Wittmann sold 13,570 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $2.90, for a total value of $39,353.00. Following the completion of the transaction, the chief operating officer now owns 67,012 shares of the company's stock, valued at $194,334.80. The trade was a 16.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,277 shares of company stock valued at $434,192 in the last 90 days. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

Several hedge funds have recently modified their holdings of INDI. FNY Investment Advisers LLC bought a new position in indie Semiconductor during the fourth quarter worth about $74,000. Artemis Investment Management LLP grew its holdings in indie Semiconductor by 482.7% during the fourth quarter. Artemis Investment Management LLP now owns 6,539,694 shares of the company's stock worth $26,486,000 after purchasing an additional 5,417,296 shares during the period. Register Financial Advisors LLC grew its holdings in indie Semiconductor by 60.4% during the fourth quarter. Register Financial Advisors LLC now owns 337,028 shares of the company's stock worth $1,365,000 after purchasing an additional 126,888 shares during the period. Redwood Wealth Management Group LLC bought a new position in indie Semiconductor during the fourth quarter worth about $215,000. Finally, Elemental Capital Partners LLC bought a new position in indie Semiconductor during the fourth quarter worth about $14,272,000. Institutional investors own 67.73% of the company's stock.

indie Semiconductor Price Performance

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 firm has a market cap of $562.93 million, a P/E ratio of -3.55 and a beta of 2.01. The business has a fifty day moving average of $2.12 and a 200 day moving average of $3.41.

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

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.