indie Semiconductor (NASDAQ:INDI) Shares Gap Down on Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price gapped down before the market opened on Tuesday after Craig Hallum lowered their price target on the stock from $8.00 to $6.00. The stock had previously closed at $2.64, but opened at $2.44. Craig Hallum currently has a buy rating on the stock. indie Semiconductor shares last traded at $2.55, with a volume of 1,120,415 shares traded.

A number of other equities analysts also recently issued reports on INDI. Benchmark cut their price objective on shares of indie Semiconductor from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group initiated coverage on shares of indie Semiconductor in a research report on Friday, January 24th. They set a “neutral” rating and a $4.50 price target on the stock. B. Riley restated a “buy” rating on shares of indie Semiconductor in a report on Thursday, April 24th. Finally, KeyCorp decreased their price objective on shares of indie Semiconductor from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $5.75.

Insiders Place Their Bets

In other news, COO Michael Wittmann sold 13,570 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $2.90, for a total transaction of $39,353.00. Following the completion of the sale, the chief operating officer now directly owns 67,012 shares of the company’s stock, valued at $194,334.80. This trade represents a 16.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Donald Mcclymont sold 65,754 shares of indie Semiconductor stock in a transaction on Friday, March 7th. The stock was sold at an average price of $2.90, for a total value of $190,686.60. Following the sale, the chief executive officer now owns 246,535 shares in the company, valued at $714,951.50. The trade was a 21.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,277 shares of company stock valued at $434,192. Insiders own 8.20% of the company’s stock.

Institutional Trading of indie Semiconductor

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its position in shares of indie Semiconductor by 330.7% during the 3rd quarter. Barclays PLC now owns 256,799 shares of the company’s stock valued at $1,026,000 after acquiring an additional 197,179 shares during the period. FNY Investment Advisers LLC purchased a new position in indie Semiconductor in the fourth quarter valued at approximately $74,000. Artemis Investment Management LLP grew its holdings in indie Semiconductor by 482.7% during the fourth quarter. Artemis Investment Management LLP now owns 6,539,694 shares of the company’s stock valued at $26,486,000 after purchasing an additional 5,417,296 shares during the period. Register Financial Advisors LLC increased its position in indie Semiconductor by 60.4% in the fourth quarter. Register Financial Advisors LLC now owns 337,028 shares of the company’s stock worth $1,365,000 after buying an additional 126,888 shares during the last quarter. Finally, Redwood Wealth Management Group LLC purchased a new stake in indie Semiconductor in the fourth quarter worth $215,000. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Stock Performance

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 company has a 50 day simple moving average of $2.12 and a 200-day simple moving average of $3.43. The stock has a market capitalization of $558.76 million, a P/E ratio of -3.53 and a beta of 2.01.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. The business had revenue of $54.08 million for the quarter, compared to the consensus estimate of $54.94 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. The company’s revenue was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that indie Semiconductor, Inc. will post -0.54 EPS for the current year.

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.