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

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

Analyst Ratings Changes

Several brokerages have recently commented on INDI. Benchmark reissued a "buy" rating and set a $6.00 price objective on shares of indie Semiconductor in a report on Wednesday, June 11th. B. Riley reissued a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. Craig Hallum cut their price objective on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Finally, 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 note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, indie Semiconductor presently has a consensus rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Stock Performance

The firm has a market cap of $682.17 million, a PE ratio of -4.28 and a beta of 2.12. The company has a 50 day simple moving average of $2.48 and a 200-day simple moving average of $3.15. The company has a debt-to-equity ratio of 0.85, a current ratio of 5.30 and a quick ratio of 4.64.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $54.08 million during the quarter, compared to analyst estimates of $54.94 million. indie Semiconductor had a negative return on equity of 27.25% and a negative net margin of 62.64%. indie Semiconductor's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. As a group, equities research analysts anticipate that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

Insider Activity

In other news, COO Michael Wittmann sold 13,725 shares of the 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 completion of the sale, the chief operating officer now owns 101,662 shares of the company's stock, valued at approximately $263,304.58. This represents a 11.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sonalee Elizabeth Parekh sold 11,841 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $3.42, for a total value of $40,496.22. Following the sale, the director now directly owns 119,857 shares of the company's stock, valued at approximately $409,910.94. This trade represents a 8.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,291 shares of company stock valued at $111,592. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of indie Semiconductor

Institutional investors have recently made changes to their positions in the stock. Frontier Capital Management Co. LLC lifted its stake in indie Semiconductor by 60.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock worth $70,366,000 after acquiring an additional 6,517,978 shares during the period. Bamco Inc. NY lifted its stake in indie Semiconductor by 30.6% in the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after acquiring an additional 4,661,220 shares during the period. Millennium Management LLC lifted its stake in indie Semiconductor by 456.6% in the first 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. Primecap Management Co. CA lifted its stake in indie Semiconductor by 8.9% in the first quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock worth $58,249,000 after acquiring an additional 2,335,620 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in indie Semiconductor in the fourth quarter worth $6,040,000. Hedge funds and other institutional investors 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.