Short Interest in indie Semiconductor, Inc. (NASDAQ:INDI) Rises By 8.6%

indie Semiconductor, Inc. (NASDAQ:INDI) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 28,850,000 shares, an increase of 8.6% from the August 31st total of 26,560,000 shares. Currently, 16.5% of the shares of the stock are sold short. Based on an average daily volume of 2,690,000 shares, the days-to-cover ratio is currently 10.7 days.

indie Semiconductor Price Performance

NASDAQ INDI opened at $3.99 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.66 and a quick ratio of 2.20. indie Semiconductor has a fifty-two week low of $3.16 and a fifty-two week high of $8.69. The business has a fifty day moving average of $4.35 and a 200-day moving average of $5.68.

indie Semiconductor (NASDAQ:INDI) last announced its earnings results on Thursday, August 8th. The company reported ($0.09) earnings per share for the quarter, meeting the consensus estimate of ($0.09). indie Semiconductor had a negative net margin of 34.65% and a negative return on equity of 22.48%. The firm had revenue of $52.40 million during the quarter, compared to the consensus estimate of $53.61 million. During the same quarter in the previous year, the company posted ($0.11) EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts predict that indie Semiconductor will post -0.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

INDI has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reduced their price objective on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a report on Friday, August 9th. Roth Mkm cut their price target on indie Semiconductor from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of indie Semiconductor in a research note on Tuesday, September 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, indie Semiconductor presently has an average rating of “Buy” and an average target price of $10.50.

Insider Transactions at indie Semiconductor

In related news, CFO Thomas Schiller sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $3.83, for a total value of $287,250.00. Following the completion of the sale, the chief financial officer now owns 977,192 shares in the company, valued at $3,742,645.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 80,260 shares of company stock valued at $311,514 in the last ninety days. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the company. Primecap Management Co. CA grew its stake in indie Semiconductor by 93.5% in the 2nd quarter. Primecap Management Co. CA now owns 15,779,119 shares of the company’s stock worth $97,357,000 after acquiring an additional 7,624,797 shares during the period. Granahan Investment Management LLC grew its position in shares of indie Semiconductor by 63.3% in the fourth quarter. Granahan Investment Management LLC now owns 13,194,588 shares of the company’s stock valued at $107,008,000 after purchasing an additional 5,115,393 shares during the period. Bamco Inc. NY increased its stake in indie Semiconductor by 28.0% in the first quarter. Bamco Inc. NY now owns 14,285,896 shares of the company’s stock valued at $101,144,000 after purchasing an additional 3,121,255 shares during the last quarter. Intrinsic Edge Capital Management LLC increased its stake in indie Semiconductor by 132.5% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,893,484 shares of the company’s stock valued at $23,466,000 after purchasing an additional 1,648,818 shares during the last quarter. Finally, UBS Group AG lifted its position in indie Semiconductor by 4,346.7% during the fourth quarter. UBS Group AG now owns 1,484,697 shares of the company’s stock worth $12,041,000 after buying an additional 1,451,308 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.