indie Semiconductor (NASDAQ:INDI) Shares Gap Down – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price gapped down before the market opened on Friday . The stock had previously closed at $4.36, but opened at $4.23. indie Semiconductor shares last traded at $4.23, with a volume of 653,122 shares.

Analyst Upgrades and Downgrades

INDI has been the topic of a number of recent analyst reports. Benchmark cut their price target on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. UBS Group started coverage on indie Semiconductor in a research report on Friday. They set a “neutral” rating and a $4.50 price target for the company. Finally, Roth Mkm lowered their price target on indie Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, indie Semiconductor currently has an average rating of “Moderate Buy” and an average target price of $8.29.

indie Semiconductor Trading Down 2.1 %

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 50-day moving average price of $4.40 and a 200-day moving average price of $4.38. The company has a market capitalization of $862.20 million, a price-to-earnings ratio of -6.37 and a beta of 1.41.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, November 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.12). indie Semiconductor had a negative return on equity of 24.04% and a negative net margin of 49.88%. The firm had revenue of $53.97 million for the quarter, compared to analyst estimates of $53.65 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts predict that indie Semiconductor, Inc. will post -0.74 EPS for the current year.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, COO Michael Wittmann sold 18,375 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $4.10, for a total value of $75,337.50. Following the transaction, the chief operating officer now owns 28,860 shares of the company’s stock, valued at approximately $118,326. This represents a 38.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Donald Mcclymont sold 50,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $4.31, for a total value of $215,500.00. Following the sale, the chief executive officer now directly owns 18,351 shares in the company, valued at $79,092.81. This trade represents a 73.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,593 shares of company stock valued at $1,272,291 over the last ninety days. Insiders own 8.20% of the company’s stock.

Institutional Trading of indie Semiconductor

Several institutional investors have recently made changes to their positions in INDI. Virtu Financial LLC purchased a new stake in shares of indie Semiconductor during the third quarter worth $58,000. Xponance Inc. acquired a new stake in shares of indie Semiconductor during the 2nd quarter valued at about $63,000. FNY Investment Advisers LLC bought a new stake in shares of indie Semiconductor in the 4th quarter valued at approximately $74,000. Creative Planning acquired a new position in indie Semiconductor in the third quarter worth approximately $75,000. Finally, Algert Global LLC bought a new position in indie Semiconductor during the second quarter valued at approximately $97,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

indie Semiconductor Company Profile

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.