Michael Wittmann Sells 6,250 Shares of indie Semiconductor (NASDAQ:INDI) Stock

Key Points

• indie Semiconductor COO Michael Wittmann sold 6,250 shares on July 6 at an average price of $4.67, totaling about $29,188. After the sale, he still held 139,352 shares, and the transaction reduced his position by 4.29%.
• This sale followed several larger insider sales by Wittmann in recent weeks, including 30,207 shares on July 2 and more than 77,000 shares combined in June, indicating a steady pattern of trimming his stake.
• The stock traded around $4.37 with a market cap near $992 million, while the company’s latest earnings met expectations but remained unprofitable. Analysts are generally cautious, with an average rating of Hold and an average price target of $5.58.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) COO Michael Wittmann sold 6,250 shares of the company's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $4.67, for a total transaction of $29,187.50. Following the transaction, the chief operating officer owned 139,352 shares in the company, valued at approximately $650,773.84. This trade represents a 4.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Thursday, July 2nd, Michael Wittmann sold 30,207 shares of indie Semiconductor stock. The shares were sold at an average price of $4.45, for a total transaction of $134,421.15.
• On Thursday, June 4th, Michael Wittmann sold 39,645 shares of indie Semiconductor stock. The stock was sold at an average price of $4.80, for a total transaction of $190,296.00.
• On Tuesday, June 2nd, Michael Wittmann sold 37,500 shares of indie Semiconductor stock. The stock was sold at an average price of $5.13, for a total transaction of $192,375.00.

indie Semiconductor Stock Performance

Shares of NASDAQ INDI traded up $0.25 during midday trading on Wednesday, reaching $4.37. The company had a trading volume of 5,411,068 shares, compared to its average volume of 5,144,567. The business's 50-day simple moving average is $4.32 and its 200 day simple moving average is $3.78. The stock has a market cap of $991.55 million, a P/E ratio of -5.75 and a beta of 2.75. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05. The company has a current ratio of 4.11, a quick ratio of 3.39 and a debt-to-equity ratio of 1.15.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.06). The firm had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. The business's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, analysts forecast that indie Semiconductor, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On indie Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in shares of indie Semiconductor in the 2nd quarter valued at about $449,000. Moody National Bank Trust Division grew its holdings in indie Semiconductor by 5.3% during the second quarter. Moody National Bank Trust Division now owns 997,024 shares of the company's stock worth $4,477,000 after acquiring an additional 50,364 shares during the period. Optiver Holding B.V. raised its position in indie Semiconductor by 7,163.7% during the first quarter. Optiver Holding B.V. now owns 8,208 shares of the company's stock valued at $26,000 after acquiring an additional 8,095 shares in the last quarter. Bank of America Corp DE raised its position in indie Semiconductor by 0.9% during the first quarter. Bank of America Corp DE now owns 875,146 shares of the company's stock valued at $2,818,000 after acquiring an additional 7,875 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its holdings in indie Semiconductor by 17.8% in the first quarter. Granahan Investment Management LLC now owns 20,283,839 shares of the company's stock valued at $65,314,000 after acquiring an additional 3,067,255 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on INDI shares. UBS Group raised their price objective on indie Semiconductor from $4.25 to $4.75 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of indie Semiconductor in a research report on Tuesday, April 21st. TD Cowen started coverage on shares of indie Semiconductor in a report on Wednesday, June 10th. They issued a "hold" rating and a $4.00 price target on the stock. Finally, Wall Street Zen upgraded shares of indie Semiconductor from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $5.58.

indie Semiconductor Company Profile

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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