Benchmark Reiterates Buy Rating for indie Semiconductor (NASDAQ:INDI)

Benchmark reaffirmed their buy rating on shares of indie Semiconductor (NASDAQ:INDI - Free Report) in a report released on Wednesday,Benzinga reports. They currently have a $6.00 price objective on the stock.

INDI has been the topic of several other reports. B. Riley restated a "buy" rating on shares of indie Semiconductor in a research note on Thursday, April 24th. KeyCorp decreased their price target on shares of indie Semiconductor from $7.00 to $6.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Finally, Craig Hallum decreased their price target on shares of indie Semiconductor from $8.00 to $6.00 and set a "buy" rating on the stock 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 company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Stock Down 7.8%

Shares of INDI stock traded down $0.27 during trading on Wednesday, reaching $3.19. The company's stock had a trading volume of 4,032,696 shares, compared to its average volume of 3,760,231. The company has a market cap of $677.92 million, a price-to-earnings ratio of -4.20 and a beta of 2.12. The business has a fifty day moving average price of $2.37 and a 200-day moving average price of $3.19. indie Semiconductor has a one year low of $1.53 and a one year high of $7.45. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $54.08 million for the quarter, compared to analyst estimates of $54.94 million. indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. indie Semiconductor's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.10) EPS. Analysts anticipate that indie Semiconductor will post -0.54 earnings per share for the current year.

Insider Transactions at indie Semiconductor

In related news, COO Michael Wittmann sold 13,725 shares of the 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 owns 101,662 shares of the company's stock, valued at $263,304.58. This represents a 11.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC raised its stake in shares of indie Semiconductor by 60.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock valued at $70,366,000 after acquiring an additional 6,517,978 shares during the last quarter. Bamco Inc. NY raised its stake 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 valued at $80,602,000 after acquiring an additional 4,661,220 shares during the last quarter. Millennium Management LLC raised its stake in shares of indie Semiconductor by 456.6% during the first quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock valued at $7,535,000 after acquiring an additional 3,037,435 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of indie Semiconductor by 8.9% during the first quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock valued at $58,249,000 after acquiring an additional 2,335,620 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of indie Semiconductor during the fourth quarter valued at $6,040,000. Institutional investors own 67.73% of the company's stock.

About indie Semiconductor

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.