indie Semiconductor (NASDAQ:INDI) Shares Up 8.8% - Here's Why

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) was up 8.8% on Tuesday . The company traded as high as $3.40 and last traded at $3.41. Approximately 545,162 shares traded hands during trading, a decline of 85% from the average daily volume of 3,756,252 shares. The stock had previously closed at $3.13.

Wall Street Analyst Weigh In

INDI has been the topic of several recent analyst reports. Benchmark restated a "buy" rating and issued a $8.00 target price (up previously from $6.00) on shares of indie Semiconductor in a report on Wednesday. Craig Hallum dropped their price objective on 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 decreased 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. Finally, B. Riley reissued a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $6.08.

indie Semiconductor Price Performance

The stock has a market capitalization of $772.47 million, a P/E ratio of -4.85 and a beta of 2.12. The business's 50 day simple moving average is $2.63 and its two-hundred day simple moving average is $3.13. The company has a quick ratio of 4.64, a current ratio of 5.30 and a debt-to-equity ratio of 0.85.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $54.08 million for the quarter, compared to analysts' expectations of $54.94 million. indie Semiconductor had a negative net margin of 62.64% and a negative return on equity of 27.25%. The firm's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) EPS. As a group, sell-side analysts forecast that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michael Wittmann sold 13,725 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $2.59, for a total transaction 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sonalee Elizabeth Parekh sold 11,841 shares of indie Semiconductor stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $3.42, for a total transaction of $40,496.22. Following the completion of the sale, the director now directly owns 119,857 shares in the company, valued at approximately $409,910.94. This represents a 8.99% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,291 shares of company stock valued at $111,592. Corporate insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On indie Semiconductor

Several large investors have recently modified their holdings of INDI. National Bank of Canada FI lifted its stake in indie Semiconductor by 42.7% in the fourth quarter. National Bank of Canada FI now owns 13,452 shares of the company's stock valued at $54,000 after purchasing an additional 4,023 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in indie Semiconductor in the 4th quarter worth about $55,000. Regal Investment Advisors LLC raised its stake in indie Semiconductor by 39.2% in the 4th quarter. Regal Investment Advisors LLC now owns 14,174 shares of the company's stock valued at $57,000 after acquiring an additional 3,988 shares during the period. Daiwa Securities Group Inc. raised its stake in indie Semiconductor by 74.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 14,897 shares of the company's stock valued at $60,000 after acquiring an additional 6,363 shares during the period. Finally, Kera Capital Partners Inc. purchased a new stake in indie Semiconductor during the first quarter valued at about $31,000. 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.