indie Semiconductor (NASDAQ:INDI) Trading 8.8% Higher - Here's Why

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

Wall Street Analysts Forecast Growth

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

indie Semiconductor Stock Performance

The company's 50-day simple moving average is $2.53 and its 200-day simple moving average is $3.12. The stock has a market capitalization of $699.17 million, a price-to-earnings ratio of -4.39 and a beta of 2.12. The company has a current ratio of 5.30, a quick ratio of 4.64 and a debt-to-equity ratio of 0.85.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced 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). indie Semiconductor had a negative return on equity of 27.25% and a negative net margin of 62.64%. The business had revenue of $54.08 million during the quarter, compared to analyst estimates of $54.94 million. During the same period last year, the company earned ($0.10) EPS. indie Semiconductor's revenue for the quarter was up 3.2% compared to the same quarter last year. On average, 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, Director Sonalee Elizabeth Parekh sold 11,841 shares of the company's 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 sale, the director now owns 119,857 shares in the company, valued at $409,910.94. This represents a 8.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Wittmann sold 13,725 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were 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 directly owns 101,662 shares in the company, valued at approximately $263,304.58. This trade represents a 11.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

Hedge Funds Weigh In On indie Semiconductor

Several institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA increased its position in indie Semiconductor by 8.9% in the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock valued at $58,249,000 after buying an additional 2,335,620 shares in the last quarter. Bamco Inc. NY raised its position in shares of indie Semiconductor by 30.6% during the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after purchasing an additional 4,661,220 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in shares of indie Semiconductor by 60.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock worth $70,366,000 after purchasing an additional 6,517,978 shares in the last quarter. Vanguard Group Inc. grew its position in indie Semiconductor by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 12,805,999 shares of the company's stock valued at $26,060,000 after purchasing an additional 220,737 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in indie Semiconductor by 23.1% during the 1st quarter. Harbor Capital Advisors Inc. now owns 4,102,127 shares of the company's stock valued at $8,348,000 after purchasing an additional 768,907 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.