indie Semiconductor (NASDAQ:INDI) Trading Down 8.6% After Analyst Downgrade

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) traded down 8.6% during mid-day trading on Monday after Roth Mkm lowered their price target on the stock from $7.00 to $5.00. Roth Mkm currently has a buy rating on the stock. indie Semiconductor traded as low as $4.97 and last traded at $5.01. 1,782,981 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 2,842,476 shares. The stock had previously closed at $5.48.

Several other research firms have also recently issued reports on INDI. Deutsche Bank Aktiengesellschaft cut their target price on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Benchmark reduced their price objective on shares of indie Semiconductor from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $9.79.

Insider Activity at indie Semiconductor

In other news, CFO Thomas Schiller sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $3.83, for a total transaction of $287,250.00. Following the sale, the chief financial officer now directly owns 977,192 shares of the company’s stock, valued at $3,742,645.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of indie Semiconductor

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in shares of indie Semiconductor by 1,743.8% in the 2nd quarter. GAMMA Investing LLC now owns 4,130 shares of the company’s stock valued at $25,000 after acquiring an additional 3,906 shares during the last quarter. Xponance Inc. purchased a new position in shares of indie Semiconductor in the 2nd quarter worth approximately $63,000. Legato Capital Management LLC bought a new position in shares of indie Semiconductor during the 2nd quarter valued at approximately $76,000. SlateStone Wealth LLC purchased a new stake in indie Semiconductor during the 2nd quarter valued at $82,000. Finally, Algert Global LLC bought a new stake in indie Semiconductor in the second quarter worth $97,000. 67.73% of the stock is currently owned by institutional investors.

indie Semiconductor Price Performance

The company has a quick ratio of 2.20, a current ratio of 2.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $937.73 million, a PE ratio of -7.58 and a beta of 1.22. The firm’s 50 day simple moving average is $3.71 and its 200 day simple moving average is $5.14.

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.