indie Semiconductor (NASDAQ:INDI) Trading Down 5.1% - Here's Why

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) shares dropped 5.1% during trading on Friday . The company traded as low as $2.66 and last traded at $2.70. Approximately 649,194 shares traded hands during trading, a decline of 83% from the average daily volume of 3,718,218 shares. The stock had previously closed at $2.84.

Wall Street Analysts Forecast Growth

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

indie Semiconductor Trading Down 6.3%

The business has a fifty day moving average of $2.17 and a 200-day moving average of $3.30. The stock has a market capitalization of $565.29 million, a price-to-earnings ratio of -3.50 and a beta of 2.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87.

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

Insider Activity at indie Semiconductor

In related news, CEO Donald Mcclymont sold 65,754 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $2.90, for a total value of $190,686.60. Following the completion of the transaction, the chief executive officer now owns 246,535 shares in the company, valued at $714,951.50. This trade represents a 21.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Michael Wittmann sold 10,875 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $2.81, for a total value of $30,558.75. Following the completion of the transaction, the chief operating officer now owns 77,887 shares of the company's stock, valued at $218,862.47. This trade represents a 12.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,277 shares of company stock worth $278,192 in the last quarter. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fred Alger Management LLC acquired a new stake in indie Semiconductor during the 1st quarter worth about $2,527,000. Nexpoint Asset Management L.P. boosted its position in indie Semiconductor by 43.7% during the 1st quarter. Nexpoint Asset Management L.P. now owns 165,959 shares of the company's stock worth $338,000 after acquiring an additional 50,459 shares during the period. Millennium Management LLC boosted its position in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in indie Semiconductor by 42.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company's stock worth $2,040,000 after acquiring an additional 298,339 shares during the period. Finally, Royal Bank of Canada boosted its position in indie Semiconductor by 309.7% during the 1st quarter. Royal Bank of Canada now owns 551,007 shares of the company's stock worth $1,122,000 after acquiring an additional 416,519 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

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.