indie Semiconductor (NASDAQ:INDI) Shares Up 6.6% - Here's What Happened

Key Points

• Shares rose 6.6% midday to as high as $3.72 (last $3.625) on 1.58M shares traded, about 62% below its average session volume.
• Wall Street has a consensus rating of "Moderate Buy" (five Buys, one Hold, one Sell) with an average target price of $6.45 and UBS setting a $4.25 target.
• indie remains unprofitable—reported EPS of ($0.07) last quarter (in line with estimates), a negative net margin of 66.23% and expected FY EPS of -0.44—while insiders sold roughly 612,682 shares last quarter, leaving insider ownership at 5.6%.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s share price shot up 6.6% during mid-day trading on Thursday . The company traded as high as $3.72 and last traded at $3.6250. 1,578,846 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 4,145,347 shares. The stock had previously closed at $3.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INDI. UBS Group set a $4.25 target price on shares of indie Semiconductor in a research note on Sunday, February 22nd. Weiss Ratings restated a "sell (d-)" rating on shares of indie Semiconductor in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.45.

indie Semiconductor Trading Up 1.9%

The company has a current ratio of 3.73, a quick ratio of 3.10 and a debt-to-equity ratio of 0.88. The business's 50-day moving average is $3.09 and its two-hundred day moving average is $3.86. The firm has a market cap of $774.98 million, a P/E ratio of -4.75 and a beta of 2.56.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported ($0.07) earnings per share for the quarter, meeting 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 business had revenue of $58.01 million during the quarter, compared to the consensus estimate of $57.11 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The company's revenue for the quarter was up .0% compared to the same quarter last year. As a group, analysts expect that indie Semiconductor, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at indie Semiconductor

In related news, CEO Donald Mcclymont sold 18,420 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $2.99, for a total transaction of $55,075.80. Following the completion of the sale, the chief executive officer owned 298,500 shares of the company's stock, valued at $892,515. This represents a 5.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Wittmann sold 18,750 shares of the business's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $2.54, for a total transaction of $47,625.00. Following the sale, the chief operating officer directly owned 130,135 shares of the company's stock, valued at approximately $330,542.90. This represents a 12.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 612,682 shares of company stock worth $1,883,638 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On indie Semiconductor

A number of institutional investors have recently modified their holdings of the business. 1492 Capital Management LLC grew its position in indie Semiconductor by 24.0% in the 1st quarter. 1492 Capital Management LLC now owns 806,723 shares of the company's stock worth $2,598,000 after purchasing an additional 155,999 shares during the last quarter. Wasatch Advisors LP grew its position in indie Semiconductor by 130.0% in the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company's stock worth $12,272,000 after purchasing an additional 2,154,279 shares during the last quarter. SG Americas Securities LLC grew its position in indie Semiconductor by 164.6% in the 1st quarter. SG Americas Securities LLC now owns 93,129 shares of the company's stock worth $300,000 after purchasing an additional 57,929 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in indie Semiconductor by 45,829.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company's stock worth $39,000 after purchasing an additional 10,999 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in indie Semiconductor in the 4th quarter worth about $178,000. Institutional investors own 67.73% of the company's stock.

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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