indie Semiconductor (NASDAQ:INDI) Shares Gap Down - Here's What Happened

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $2.52, but opened at $2.43. indie Semiconductor shares last traded at $2.43, with a volume of 208,600 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on INDI shares. Craig Hallum dropped their price objective on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. KeyCorp dropped 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 report on Tuesday, May 13th. Benchmark reissued a "buy" rating and issued a $6.00 price objective on shares of indie Semiconductor in a research report on Wednesday. B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research report on Thursday, April 24th. Finally, UBS Group began coverage on shares of indie Semiconductor in a report on Friday, January 24th. They set a "neutral" rating and a $4.50 price target for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Stock Performance

The stock's fifty day moving average is $2.13 and its two-hundred day moving average is $3.38. The firm has a market capitalization of $514.28 million, a price-to-earnings ratio of -3.18 and a beta of 2.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.39.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last posted 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 the consensus estimate of $54.94 million. During the same period in the prior year, the firm posted ($0.10) EPS. The firm's revenue was up 3.2% compared to the same quarter last year. Analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current year.

Insider Buying and Selling at indie Semiconductor

In other news, CEO Donald Mcclymont sold 50,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $3.12, for a total value of $156,000.00. Following the transaction, the chief executive officer now directly owns 65,932 shares in the company, valued at approximately $205,707.84. This trade represents a 43.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Michael Wittmann sold 13,570 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 transaction of $39,353.00. Following the completion of the transaction, the chief operating officer now owns 67,012 shares in the company, valued at approximately $194,334.80. The trade was a 16.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,277 shares of company stock worth $434,192 in the last ninety days. 8.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Primecap Management Co. CA lifted its position in shares of indie Semiconductor by 8.9% in the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock worth $58,249,000 after buying an additional 2,335,620 shares during the last quarter. Bamco Inc. NY lifted its position in shares of indie Semiconductor by 30.6% in the 4th quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after buying an additional 4,661,220 shares during the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of indie Semiconductor by 60.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock worth $70,366,000 after buying an additional 6,517,978 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of indie Semiconductor by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 12,805,999 shares of the company's stock worth $26,060,000 after buying an additional 220,737 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in indie Semiconductor by 23.1% in the 1st quarter. Harbor Capital Advisors Inc. now owns 4,102,127 shares of the company's stock valued at $8,348,000 after purchasing an additional 768,907 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.