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

Shares of indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) gapped down before the market opened 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on INDI shares. B. Riley reiterated a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. Craig Hallum lowered their target price on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Benchmark reiterated a "buy" rating and set a $6.00 target price on shares of indie Semiconductor in a report on Wednesday, May 21st. Finally, KeyCorp lowered their target price on indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, indie Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.75.

indie Semiconductor Price Performance

The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The firm's 50 day simple moving average is $2.13 and its 200-day simple moving average is $3.38. The stock has a market capitalization of $514.28 million, a price-to-earnings ratio of -3.18 and a beta of 2.01.

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

Insider Activity at indie Semiconductor

In other indie Semiconductor news, COO Michael Wittmann sold 13,570 shares of the business'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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Donald Mcclymont sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $3.12, for a total transaction of $156,000.00. Following the sale, the chief executive officer now directly owns 65,932 shares of the company's stock, valued at approximately $205,707.84. This trade represents a 43.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,277 shares of company stock worth $434,192. Insiders own 8.20% of the company's stock.

Institutional Trading of indie Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in INDI. Frontier Capital Management Co. LLC lifted its holdings in shares of indie Semiconductor by 60.0% during the 4th quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock worth $70,366,000 after acquiring an additional 6,517,978 shares during the period. Bamco Inc. NY lifted its holdings in shares of indie Semiconductor by 30.6% during the 4th quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after acquiring an additional 4,661,220 shares during the period. Elemental Capital Partners LLC bought a new stake in shares of indie Semiconductor during the 4th quarter worth approximately $14,272,000. Millennium Management LLC lifted its holdings in shares of indie Semiconductor by 456.6% during the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock worth $7,535,000 after acquiring an additional 3,037,435 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in shares of indie Semiconductor by 8.9% during the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock worth $58,249,000 after acquiring an additional 2,335,620 shares during the period. 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.