indie Semiconductor (NASDAQ:INDI) Stock Price Down 5% on Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI) fell 5% on Tuesday after Benchmark lowered their price target on the stock from $12.00 to $9.00. Benchmark currently has a buy rating on the stock. indie Semiconductor traded as low as $3.18 and last traded at $3.20. 1,389,171 shares were traded during mid-day trading, a decline of 48% from the average session volume of 2,681,147 shares. The stock had previously closed at $3.37.

Several other research analysts have also recently weighed in on the company. Roth Mkm decreased 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. Deutsche Bank Aktiengesellschaft decreased 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, indie Semiconductor has an average rating of “Buy” and a consensus price target of $10.07.

Insider Transactions at indie Semiconductor

In related news, CFO Thomas Schiller sold 75,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 977,192 shares in the company, valued at approximately $3,742,645.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.20% of the company’s stock.

Institutional Trading of indie Semiconductor

Large investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its holdings 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 purchasing an additional 7,624,797 shares during the period. Bamco Inc. NY raised its stake in shares of indie Semiconductor by 28.0% in the first quarter. Bamco Inc. NY now owns 14,285,896 shares of the company’s stock worth $101,144,000 after buying an additional 3,121,255 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of indie Semiconductor by 290.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,195,910 shares of the company’s stock valued at $12,752,000 after buying an additional 2,377,612 shares in the last quarter. Artemis Investment Management LLP bought a new position in shares of indie Semiconductor during the 3rd quarter valued at approximately $4,478,000. Finally, General American Investors Co. Inc. grew its stake in shares of indie Semiconductor by 46.5% during the 3rd quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company’s stock valued at $5,376,000 after acquiring an additional 427,928 shares during the period. 67.73% of the stock is currently owned by institutional investors.

indie Semiconductor Stock Up 4.8 %

The company has a market capitalization of $689.00 million, a PE ratio of -6.78 and a beta of 1.22. The company’s fifty day moving average is $3.69 and its 200-day moving average is $5.16. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.20 and a current ratio of 2.66.

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

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.