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

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s stock 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 traded.

Other analysts have also issued reports about the stock. Benchmark cut their price target on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. KeyCorp lowered their price objective on indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. UBS Group started coverage on indie Semiconductor in a research report on Friday, January 24th. They set a "neutral" rating and a $4.50 price objective for the company. Finally, B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $5.75.

Insider Transactions at indie Semiconductor

In related news, CEO Donald Mcclymont sold 65,754 shares of the company's stock in a transaction that occurred on 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 directly owns 246,535 shares of the company's stock, valued at $714,951.50. This represents a 21.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael Wittmann sold 10,875 shares of the company'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 $218,862.47. This trade represents a 12.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,277 shares of company stock valued at $434,192. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Elemental Capital Partners LLC purchased a new stake in indie Semiconductor in the fourth quarter valued at approximately $14,272,000. Barclays PLC lifted its stake in indie Semiconductor by 12.4% in the fourth quarter. Barclays PLC now owns 288,715 shares of the company's stock valued at $1,169,000 after buying an additional 31,916 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in indie Semiconductor by 8.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,431,093 shares of the company's stock valued at $5,796,000 after buying an additional 112,793 shares during the last quarter. Vanguard Group Inc. lifted its stake in indie Semiconductor by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 12,585,262 shares of the company's stock valued at $50,970,000 after buying an additional 942,088 shares during the last quarter. Finally, Register Financial Advisors LLC lifted its stake in indie Semiconductor by 60.4% in the fourth quarter. Register Financial Advisors LLC now owns 337,028 shares of the company's stock valued at $1,365,000 after buying an additional 126,888 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

indie Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87. The stock has a 50 day simple moving average of $2.12 and a two-hundred day simple moving average of $3.41. The company has a market cap of $562.93 million, a PE ratio of -3.55 and a beta of 2.01.

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

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.