indie Semiconductor (NASDAQ:INDI) Shares Gap Down on Disappointing Earnings

indie Semiconductor, Inc. (NASDAQ:INDI) shares gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $3.91, but opened at $3.79. indie Semiconductor shares last traded at $3.59, with a volume of 1,497,931 shares trading hands.

The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The company had revenue of $58.01 million during the quarter, compared to analysts’ expectations of $58.20 million. indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on INDI shares. KeyCorp reduced their price target on shares of indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday. UBS Group started coverage on shares of indie Semiconductor in a research note on Friday, January 24th. They issued a “neutral” rating and a $4.50 price target on the stock. Roth Mkm reduced their price target on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Benchmark cut their target price on shares of indie Semiconductor from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, indie Semiconductor has a consensus rating of “Moderate Buy” and an average target price of $7.86.

Insider Buying and Selling

In related news, CEO Donald Mcclymont sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $4.31, for a total transaction of $215,500.00. Following the sale, the chief executive officer now directly owns 18,351 shares of the company’s stock, valued at $79,092.81. This represents a 73.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Wittmann sold 18,375 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $4.10, for a total transaction of $75,337.50. Following the transaction, the chief operating officer now owns 28,860 shares of the company’s stock, valued at $118,326. This trade represents a 38.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,593 shares of company stock valued at $330,291 in the last ninety days. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI grew its holdings in indie Semiconductor by 42.7% during the 4th quarter. National Bank of Canada FI now owns 13,452 shares of the company’s stock worth $54,000 after acquiring an additional 4,023 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of indie Semiconductor in the 4th quarter valued at $55,000. Regal Investment Advisors LLC boosted its holdings in shares of indie Semiconductor by 39.2% in the 4th quarter. Regal Investment Advisors LLC now owns 14,174 shares of the company’s stock valued at $57,000 after buying an additional 3,988 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of indie Semiconductor in the 3rd quarter valued at $58,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of indie Semiconductor by 74.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 14,897 shares of the company’s stock valued at $60,000 after buying an additional 6,363 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

indie Semiconductor Stock Performance

The firm’s fifty day moving average price is $4.16 and its 200-day moving average price is $4.08. The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The firm has a market cap of $688.55 million, a price-to-earnings ratio of -4.49 and a beta of 1.41.

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.