indie Semiconductor (NASDAQ:INDI) COO Sells 40,625 Shares

Key Points

• COO Michael Wittmann sold 40,625 shares of indie Semiconductor at an average price of $3.59, generating $145,843.75 and reducing his direct position by 25.95% to 115,922 shares. The sale follows several other insider sales since July.
• INDI shares fell to $3.47, while the company reported quarterly revenue of $64.01 million, up 24% year over year, and adjusted loss per share of $0.05, in line with estimates.
• Analysts maintain a consensus “Hold” rating with an average price target of $4.75; institutional investors own 67.73% of the stock.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) COO Michael Wittmann sold 40,625 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $3.59, for a total transaction of $145,843.75. Following the completion of the sale, the chief operating officer directly owned 115,922 shares of the company's stock, valued at approximately $416,159.98. The trade was a 25.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Michael Wittmann also recently made the following trade(s):

• On Monday, August 31st, Michael Wittmann sold 17,045 shares of indie Semiconductor stock. The stock was sold at an average price of $3.72, for a total transaction of $63,407.40.
• On Friday, August 14th, Michael Wittmann sold 42,468 shares of indie Semiconductor stock. The stock was sold at an average price of $4.10, for a total transaction of $174,118.80.
• On Monday, July 6th, Michael Wittmann sold 6,250 shares of indie Semiconductor stock. The stock was sold at an average price of $4.67, for a total transaction of $29,187.50.
• On Thursday, July 2nd, Michael Wittmann sold 30,207 shares of indie Semiconductor stock. The stock was sold at an average price of $4.45, for a total transaction of $134,421.15.

indie Semiconductor Price Performance

Shares of INDI stock traded down $0.10 during trading on Thursday, hitting $3.47. The company had a trading volume of 3,273,209 shares, compared to its average volume of 7,549,274. The firm has a market capitalization of $804.38 million, a P/E ratio of -4.75 and a beta of 2.78. indie Semiconductor, Inc. has a one year low of $2.32 and a one year high of $6.05. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.86 and a current ratio of 3.65. The stock's 50-day moving average price is $3.90 and its 200 day moving average price is $3.74.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The firm had revenue of $64.01 million during the quarter, compared to analysts' expectations of $62.49 million. During the same period in the previous year, the firm earned ($0.08) EPS. The company's quarterly revenue was up 24.0% compared to the same quarter last year. Equities analysts expect that indie Semiconductor, Inc. will post -0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On indie Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Optiver Holding B.V. boosted its position in indie Semiconductor by 7,163.7% in the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company's stock valued at $26,000 after buying an additional 8,095 shares in the last quarter. Evergreen Capital Management LLC acquired a new position in shares of indie Semiconductor during the second quarter worth $37,000. Principal Financial Group Inc. acquired a new position in shares of indie Semiconductor during the first quarter worth $35,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of indie Semiconductor by 45,829.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company's stock valued at $39,000 after acquiring an additional 10,999 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of indie Semiconductor during the 2nd quarter valued at $39,000. 67.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

INDI has been the subject of several analyst reports. TD Cowen boosted their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the company a "hold" rating in a research report on Monday, July 13th. Weiss Ratings restated a "sell (d-)" rating on shares of indie Semiconductor in a research report on Friday, July 17th. UBS Group upped their target price on indie Semiconductor from $4.25 to $4.75 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Roth Capital set a $5.00 target price on indie Semiconductor in a report on Friday, August 7th. Finally, Wall Street Zen upgraded indie Semiconductor from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $4.75.

About indie Semiconductor

indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie's product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.

Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.

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