indie Semiconductor (NASDAQ:INDI) Trading 6.8% Higher - Here's Why

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s stock price shot up 6.8% during mid-day trading on Tuesday . The company traded as high as $3.22 and last traded at $3.24. 1,132,511 shares traded hands during trading, a decline of 69% from the average session volume of 3,684,870 shares. The stock had previously closed at $3.03.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on INDI. KeyCorp cut their target price 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. Craig Hallum reduced their target price on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Benchmark restated a "buy" rating and set a $6.00 price objective on shares of indie Semiconductor in a research report on Wednesday. Finally, B. Riley restated a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Stock Performance

The stock's 50 day moving average price is $2.34 and its 200 day moving average price is $3.21. The company has a market capitalization of $677.92 million, a P/E ratio of -4.20 and a beta of 2.12. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.39.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting 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 return on equity of 28.08% and a negative net margin of 61.59%. The company's revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) earnings per share. As a group, equities analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at indie Semiconductor

In related news, COO Michael Wittmann sold 13,725 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $2.59, for a total transaction of $35,547.75. Following the transaction, the chief operating officer now directly owns 101,662 shares of the company's stock, valued at approximately $263,304.58. This represents a 11.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.20% of the company's stock.

Institutional Trading of indie Semiconductor

Hedge funds have recently bought and sold shares of the business. Legato Capital Management LLC increased its position in shares of indie Semiconductor by 47.9% during the fourth quarter. Legato Capital Management LLC now owns 20,285 shares of the company's stock worth $82,000 after acquiring an additional 6,570 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of indie Semiconductor by 1.8% in the fourth quarter. Rhumbline Advisers now owns 239,090 shares of the company's stock valued at $968,000 after purchasing an additional 4,156 shares during the last quarter. P.A.W. Capital Corp boosted its holdings in indie Semiconductor by 10.0% during the fourth quarter. P.A.W. Capital Corp now owns 1,100,000 shares of the company's stock worth $4,455,000 after purchasing an additional 100,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of indie Semiconductor by 8.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,431,093 shares of the company's stock worth $5,796,000 after buying an additional 112,793 shares during the last quarter. Finally, M&T Bank Corp grew its holdings in shares of indie Semiconductor by 41.5% in the fourth quarter. M&T Bank Corp now owns 28,348 shares of the company's stock valued at $115,000 after acquiring an additional 8,308 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Company Profile

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.