indie Semiconductor (NASDAQ:INDI) Given "Buy" Rating at Benchmark

Benchmark reissued their buy rating on shares of indie Semiconductor (NASDAQ:INDI - Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $6.00 price target on the stock.

Other analysts have also recently issued reports about the company. B. Riley reissued a "buy" rating on shares of indie Semiconductor in a report on Thursday, April 24th. 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 report on Tuesday, May 13th. Finally, Craig Hallum decreased their target price on indie Semiconductor from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, indie Semiconductor has an average rating of "Moderate Buy" and an average target price of $5.75.

indie Semiconductor Stock Down 7.8%

NASDAQ:INDI traded down $0.27 during mid-day trading on Wednesday, reaching $3.19. The stock had a trading volume of 4,032,696 shares, compared to its average volume of 3,752,556. The stock has a market cap of $677.92 million, a P/E ratio of -4.20 and a beta of 2.12. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87. The business's 50 day moving average is $2.37 and its 200 day moving average is $3.20. indie Semiconductor has a fifty-two week low of $1.53 and a fifty-two week high of $7.45.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company 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%. indie Semiconductor's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. As a group, sell-side analysts predict that indie Semiconductor will post -0.54 earnings per share for the current year.

Insider Activity at indie Semiconductor

In related news, COO Michael Wittmann sold 13,725 shares of the business's stock in a transaction that occurred 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 directly owns 101,662 shares in the company, valued at approximately $263,304.58. The trade was a 11.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.20% of the stock is owned by insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of large investors have recently bought and sold shares of INDI. Frontier Capital Management Co. LLC boosted its position in indie Semiconductor by 60.0% during the 4th 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 last quarter. Bamco Inc. NY raised its stake in shares of indie Semiconductor by 30.6% during the 4th 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 in the last quarter. Millennium Management LLC raised its stake in shares of indie Semiconductor by 456.6% during the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock worth $7,535,000 after purchasing an additional 3,037,435 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of indie Semiconductor by 8.9% during the 1st quarter. Primecap Management Co. CA now owns 28,623,386 shares of the company's stock worth $58,249,000 after purchasing an additional 2,335,620 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of indie Semiconductor during the 4th quarter worth approximately $6,040,000. Institutional investors and hedge funds 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.