indie Semiconductor (NASDAQ:INDI) Shares Up 6.3% - Here's What Happened

Key Points

• Shares rose 6.3% midday to $2.765 (intraday high $2.88) on Tuesday, but trading volume was down about 78% versus the average and the stock sits below its 50- and 200-day moving averages ($3.55 and $3.99).
• Analyst views are mixed: five Buys, one Hold and one Sell yield a MarketBeat consensus of "Moderate Buy" with an average target of $6.45, though some firms (Weiss, Wall Street Zen) have issued Sell ratings and UBS has a $4.25 target.
• Financials and insider activity: quarterly EPS of ($0.07) met estimates with $58.0M revenue, but the company has a negative net margin (~-66%) and is forecast to lose about $0.54/share this year; insiders have sold roughly 393,066 shares in the past 90 days.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price was up 6.3% during mid-day trading on Tuesday . The stock traded as high as $2.88 and last traded at $2.7650. Approximately 988,759 shares changed hands during trading, a decline of 78% from the average daily volume of 4,440,635 shares. The stock had previously closed at $2.60.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on INDI. Weiss Ratings restated a "sell (d-)" rating on shares of indie Semiconductor in a research note on Thursday, January 22nd. Wall Street Zen downgraded indie Semiconductor from a "hold" rating to a "sell" rating in a report on Saturday, December 13th. Finally, UBS Group set a $4.25 price target on indie Semiconductor in a report on Sunday, February 22nd. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $6.45.

indie Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.10 and a current ratio of 3.73. The company has a market capitalization of $638.55 million, a price-to-earnings ratio of -3.91 and a beta of 2.55. The company's fifty day simple moving average is $3.55 and its two-hundred day simple moving average is $3.99.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07). indie Semiconductor had a negative net margin of 66.23% and a negative return on equity of 29.33%. The firm had revenue of $58.01 million during the quarter, compared to the consensus estimate of $57.11 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm's revenue was up .0% on a year-over-year basis. Equities research analysts predict that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Michael Wittmann sold 37,500 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $3.50, for a total transaction of $131,250.00. Following the completion of the sale, the chief operating officer directly owned 123,885 shares of the company's stock, valued at $433,597.50. This represents a 23.24% 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, President Ichiro Aoki sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $2.57, for a total transaction of $128,500.00. Following the sale, the president owned 100,952 shares in the company, valued at $259,446.64. This represents a 33.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 393,066 shares of company stock valued at $1,283,563. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On indie Semiconductor

Institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC boosted its holdings in indie Semiconductor by 9.0% in the 2nd quarter. ProShare Advisors LLC now owns 39,775 shares of the company's stock valued at $142,000 after purchasing an additional 3,300 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of indie Semiconductor by 32.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 16,118 shares of the company's stock worth $66,000 after purchasing an additional 3,921 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in indie Semiconductor by 27.0% during the second quarter. Ameritas Investment Partners Inc. now owns 19,804 shares of the company's stock worth $71,000 after buying an additional 4,207 shares during the last quarter. Cetera Investment Advisers increased its holdings in indie Semiconductor by 20.5% during the 4th quarter. Cetera Investment Advisers now owns 25,683 shares of the company's stock valued at $91,000 after purchasing an additional 4,365 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of indie Semiconductor by 33.1% in the second quarter. Daiwa Securities Group Inc. now owns 19,136 shares of the company's stock valued at $68,000 after buying an additional 4,763 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

indie Semiconductor Company Profile

indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie's product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.

Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.

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