indie Semiconductor (NASDAQ:INDI) Trading 6.6% Higher - Here's What Happened

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s stock price was up 6.6% on Wednesday . The company traded as high as $2.85 and last traded at $2.85. Approximately 1,772,726 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 3,679,610 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INDI shares. B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research report on Thursday, April 24th. Craig Hallum cut their target price on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. KeyCorp cut their target price on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Finally, Benchmark restated a "buy" rating and issued a $6.00 target price on shares of indie Semiconductor in a research note on Wednesday, May 21st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Trading Down 6.2%

The stock has a market cap of $582.29 million, a price-to-earnings ratio of -3.61 and a beta of 2.12. The firm's 50 day moving average is $2.22 and its two-hundred day moving average is $3.27. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32.

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

Insider Buying and Selling

In other indie Semiconductor news, CEO Donald Mcclymont sold 65,754 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $2.90, for a total value of $190,686.60. Following the sale, the chief executive officer now owns 246,535 shares in the company, valued at approximately $714,951.50. This trade represents a 21.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael Wittmann sold 10,875 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $2.81, for a total transaction of $30,558.75. Following the completion of the sale, the chief operating officer now owns 77,887 shares in the company, valued at $218,862.47. The trade was a 12.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 123,727 shares of company stock worth $349,287 over the last quarter. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On indie Semiconductor

Large investors have recently made changes to their positions in the company. Elemental Capital Partners LLC acquired a new stake in shares of indie Semiconductor in the fourth quarter valued at approximately $14,272,000. Barclays PLC increased its stake in shares of indie Semiconductor by 12.4% in the fourth quarter. Barclays PLC now owns 288,715 shares of the company's stock valued at $1,169,000 after purchasing an additional 31,916 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of indie Semiconductor by 8.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,431,093 shares of the company's stock valued at $5,796,000 after purchasing an additional 112,793 shares during the period. Vanguard Group Inc. increased its stake in shares of indie Semiconductor by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 12,585,262 shares of the company's stock valued at $50,970,000 after purchasing an additional 942,088 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of indie Semiconductor by 169.0% in the fourth quarter. Deutsche Bank AG now owns 246,028 shares of the company's stock valued at $996,000 after purchasing an additional 154,573 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.