indie Semiconductor (NASDAQ:INDI) Trading Up 8.3% - Here's Why

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) shares rose 8.3% on Monday . The stock traded as high as $3.38 and last traded at $3.46. Approximately 302,653 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 3,747,479 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

INDI has been the subject of several research analyst reports. KeyCorp decreased their price target on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Craig Hallum decreased their target price on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. B. Riley reaffirmed a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. Finally, Benchmark reissued a "buy" rating and issued a $6.00 price target on shares of indie Semiconductor in a research note on Wednesday, June 11th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $5.75.

indie Semiconductor Stock Up 6.7%

The firm has a market capitalization of $723.61 million, a price-to-earnings ratio of -4.48 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. The business has a 50 day simple moving average of $2.37 and a 200-day simple moving average of $3.18.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $54.08 million during the quarter, compared to analysts' expectations of $54.94 million. indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. The business's quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) EPS. On average, equities analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Transactions at indie Semiconductor

In other indie Semiconductor news, COO Michael Wittmann sold 13,725 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $2.59, for a total value of $35,547.75. Following the completion of the transaction, the chief operating officer now owns 101,662 shares in the company, valued at approximately $263,304.58. This represents a 11.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.60% of the company's stock.

Institutional Trading of indie Semiconductor

A number of hedge funds have recently added to or reduced their stakes in INDI. Rhumbline Advisers boosted its stake in indie Semiconductor by 1.8% in the 4th quarter. Rhumbline Advisers now owns 239,090 shares of the company's stock worth $968,000 after buying an additional 4,156 shares during the last quarter. P.A.W. Capital Corp increased its holdings in indie Semiconductor by 10.0% during the 4th 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. increased its holdings in indie Semiconductor by 8.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,431,093 shares of the company's stock worth $5,796,000 after purchasing an additional 112,793 shares during the last quarter. M&T Bank Corp increased its holdings in indie Semiconductor by 41.5% during the 4th quarter. M&T Bank Corp now owns 28,348 shares of the company's stock worth $115,000 after purchasing an additional 8,308 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in indie Semiconductor by 13.0% during the 4th quarter. Arizona State Retirement System now owns 51,961 shares of the company's stock worth $210,000 after purchasing an additional 5,960 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.

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