indie Semiconductor (NASDAQ:INDI) Shares Gap Up on Analyst Upgrade

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) shares gapped up prior to trading on Wednesday after KeyCorp raised their price target on the stock from $10.00 to $12.00. The stock had previously closed at $3.29, but opened at $3.83. KeyCorp currently has an overweight rating on the stock. indie Semiconductor shares last traded at $4.00, with a volume of 3,170,076 shares.

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price on indie Semiconductor from $10.00 to $15.00 in a research report on Friday, February 17th. Craig Hallum lowered their target price on indie Semiconductor to $14.00 in a research report on Wednesday, November 16th. Benchmark reiterated a "buy" rating and set a $17.00 target price on shares of indie Semiconductor in a research report on Friday, February 10th. B. Riley lifted their target price on indie Semiconductor from $13.00 to $14.00 in a research report on Friday, February 17th. Finally, TheStreet upgraded indie Semiconductor from a "d" rating to a "c-" rating in a research report on Thursday, February 16th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $6.08.

Insider Activity

In other news, COO Michael Wittmann sold 13,725 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $2.59, for a total value of $35,547.75. Following the transaction, the chief operating officer now directly owns 101,662 shares in the company, valued at $263,304.58. The trade was a 11.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sonalee Elizabeth Parekh sold 11,841 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $3.42, for a total value of $40,496.22. Following the completion of the transaction, the director now owns 119,857 shares in the company, valued at $409,910.94. The trade was a 8.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,291 shares of company stock worth $111,592 over the last ninety days. Corporate insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On indie Semiconductor

Hedge funds have recently made changes to their positions in the company. Kera Capital Partners Inc. purchased a new stake in shares of indie Semiconductor in the first quarter worth about $31,000. National Bank of Canada FI lifted its position in shares of indie Semiconductor by 32.7% in the first quarter. National Bank of Canada FI now owns 17,852 shares of the company's stock worth $36,000 after buying an additional 4,400 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of indie Semiconductor by 36.5% in the first quarter. Hsbc Holdings PLC now owns 19,486 shares of the company's stock worth $39,000 after buying an additional 5,213 shares in the last quarter. SlateStone Wealth LLC lifted its position 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 stake in shares of indie Semiconductor in the first quarter worth about $53,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

indie Semiconductor Stock Down 5.2%

The company has a debt-to-equity ratio of 0.85, a current ratio of 5.30 and a quick ratio of 4.64. The company has a market capitalization of $773.54 million, a PE ratio of -4.85 and a beta of 2.12. The business has a 50-day moving average of $2.67 and a 200 day moving average of $3.12.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The company had revenue of $54.08 million for the quarter, compared to the consensus estimate of $54.94 million. indie Semiconductor had a negative return on equity of 27.25% and a negative net margin of 62.64%. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. Equities research analysts predict 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.