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

Shares of indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) gapped up before the market opened on Wednesday after Benchmark raised their price target on the stock from $6.00 to $8.00. The stock had previously closed at $3.29, but opened at $3.83. Benchmark currently has a buy rating on the stock. indie Semiconductor shares last traded at $4.00, with a volume of 3,170,076 shares changing hands.

A number of other research analysts also recently commented on INDI. B. Riley restated a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. Craig Hallum decreased their target price on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Finally, KeyCorp cut 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. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $6.08.

Insider Buying and Selling at indie Semiconductor

In other news, Director Sonalee Elizabeth Parekh sold 11,841 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $3.42, for a total value of $40,496.22. Following the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael Wittmann sold 13,725 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $2.59, for a total value of $35,547.75. Following the completion of the sale, the chief operating officer now owns 101,662 shares in the company, valued at $263,304.58. The trade was a 11.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,291 shares of company stock worth $111,592. Insiders own 5.60% of the company's stock.

Institutional Trading of indie Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kera Capital Partners Inc. bought a new position in shares of indie Semiconductor during the 1st quarter worth approximately $31,000. National Bank of Canada FI grew its holdings in shares of indie Semiconductor by 32.7% during the 1st quarter. National Bank of Canada FI now owns 17,852 shares of the company's stock worth $36,000 after purchasing an additional 4,400 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of indie Semiconductor by 36.5% in the 1st quarter. Hsbc Holdings PLC now owns 19,486 shares of the company's stock valued at $39,000 after buying an additional 5,213 shares in the last quarter. SlateStone Wealth LLC boosted its position in shares of indie Semiconductor by 27.1% during the 1st quarter. SlateStone Wealth LLC now owns 22,100 shares of the company's stock worth $45,000 after acquiring an additional 4,706 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in indie Semiconductor during the first quarter valued at approximately $53,000. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Trading Up 19.4%

The firm has a market capitalization of $834.54 million, a P/E ratio of -5.34 and a beta of 2.12. The company has a current ratio of 5.30, a quick ratio of 4.64 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average of $2.56 and a two-hundred day moving average of $3.13.

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 the consensus estimate of ($0.08). indie Semiconductor had a negative net margin of 62.64% and a negative return on equity of 27.25%. The business had revenue of $54.08 million for the quarter, compared to the consensus estimate of $54.94 million. During the same period last year, the company earned ($0.10) EPS. The firm's revenue was up 3.2% compared to the same quarter last year. On average, analysts anticipate that indie Semiconductor, Inc. will post -0.54 EPS 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.

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