Sonalee Elizabeth Parekh Sells 59,932 Shares of indie Semiconductor (NASDAQ:INDI) Stock

Key Points

• Director Sonalee Elizabeth Parekh sold 59,932 indie Semiconductor shares at an average price of $4.07, totaling $243,923.24. The sale reduced her direct holdings by 37.51% to 99,857 shares; she also sold 20,000 shares the previous week.
• indie Semiconductor shares rose 3.8% to $4.15, while the company reported quarterly revenue of $64.01 million, up 24% year over year and above analyst expectations. EPS came in at a loss of $0.05, matching consensus estimates.
• Analysts maintain a consensus “Hold” rating with an average price target of $4.75. Institutional investors own 67.73% of the stock, with several major funds increasing their positions.

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) Director Sonalee Elizabeth Parekh sold 59,932 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $4.07, for a total transaction of $243,923.24. Following the transaction, the director directly owned 99,857 shares of the company's stock, valued at approximately $406,417.99. This represents a 37.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Sonalee Elizabeth Parekh also recently made the following trade(s):

• On Wednesday, August 12th, Sonalee Elizabeth Parekh sold 20,000 shares of indie Semiconductor stock. The stock was sold at an average price of $3.80, for a total transaction of $76,000.00.

indie Semiconductor Trading Up 3.8%

NASDAQ:INDI traded up $0.15 during trading hours on Friday, reaching $4.15. 8,396,094 shares of the company were exchanged, compared to its average volume of 8,124,481. The company has a debt-to-equity ratio of 1.25, a current ratio of 3.65 and a quick ratio of 2.86. The firm has a market cap of $962.01 million, a price-to-earnings ratio of -5.68 and a beta of 2.79. The stock has a 50 day simple moving average of $3.94 and a 200 day simple moving average of $3.75. indie Semiconductor, Inc. has a 52-week low of $2.32 and a 52-week high of $6.05.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). indie Semiconductor had a negative return on equity of 32.02% and a negative net margin of 65.18%.The business had revenue of $64.01 million during the quarter, compared to analysts' expectations of $62.49 million. During the same quarter in the previous year, the business earned ($0.08) EPS. The company's revenue for the quarter was up 24.0% on a year-over-year basis. As a group, analysts predict that indie Semiconductor, Inc. will post -0.53 EPS for the current year.

Institutional Investors Weigh In On indie Semiconductor

Several hedge funds have recently made changes to their positions in INDI. Royal Bank of Canada lifted its holdings in shares of indie Semiconductor by 309.7% in the first quarter. Royal Bank of Canada now owns 551,007 shares of the company's stock valued at $1,122,000 after purchasing an additional 416,519 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in indie Semiconductor by 42.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,002,253 shares of the company's stock valued at $2,040,000 after acquiring an additional 298,339 shares in the last quarter. Millennium Management LLC increased its holdings in shares of indie Semiconductor by 456.6% in the 1st quarter. Millennium Management LLC now owns 3,702,671 shares of the company's stock valued at $7,535,000 after purchasing an additional 3,037,435 shares during the period. JPMorgan Chase & Co. increased its stake in indie Semiconductor by 5.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 255,322 shares of the company's stock valued at $909,000 after buying an additional 13,495 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of indie Semiconductor by 24.3% in the second quarter. Rhumbline Advisers now owns 299,275 shares of the company's stock worth $1,065,000 after acquiring an additional 58,473 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

INDI has been the subject of several recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of indie Semiconductor in a report on Friday, July 17th. Roth Capital set a $5.00 price objective on indie Semiconductor in a research note on Friday, August 7th. UBS Group lifted their price objective on shares of indie Semiconductor from $4.25 to $4.75 and gave the company a "neutral" rating in a research report on Friday, May 8th. TD Cowen upped their target price on shares of indie Semiconductor from $4.00 to $4.50 and gave the stock a "hold" rating in a research report on Monday, July 13th. Finally, Wall Street Zen raised indie Semiconductor from a "sell" rating to a "hold" rating in a report 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's stock. According to MarketBeat, indie Semiconductor has a consensus rating of "Hold" and an average target price of $4.75.

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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