indie Semiconductor (NASDAQ:INDI) Hits New 52-Week Low – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) shares hit a new 52-week low on Wednesday . The company traded as low as $2.43 and last traded at $2.62, with a volume of 6763971 shares traded. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

INDI has been the topic of a number of recent analyst reports. Roth Mkm lowered their target price on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, November 8th. KeyCorp lowered their target price on shares of indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. UBS Group initiated coverage on shares of indie Semiconductor in a report on Friday, January 24th. They set a “neutral” rating and a $4.50 target price on the stock. Finally, Benchmark lowered their target price on shares of indie Semiconductor from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, indie Semiconductor has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

indie Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87. The stock’s 50-day simple moving average is $3.95 and its 200 day simple moving average is $4.01. The stock has a market capitalization of $593.63 million, a P/E ratio of -3.87 and a beta of 1.54.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%. The company had revenue of $58.01 million for the quarter, compared to the consensus estimate of $58.20 million. Research analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Michael Wittmann sold 18,375 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $4.10, for a total value of $75,337.50. Following the completion of the sale, the chief operating officer now owns 28,860 shares of the company’s stock, valued at approximately $118,326. The trade was a 38.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Donald Mcclymont sold 50,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $4.31, for a total transaction of $215,500.00. Following the completion of the sale, the chief executive officer now directly owns 18,351 shares of the company’s stock, valued at approximately $79,092.81. The trade was a 73.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 123,512 shares of company stock valued at $469,345 over the last ninety days. 8.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On indie Semiconductor

Institutional investors have recently modified their holdings of the business. National Bank of Canada FI boosted its position in shares of indie Semiconductor by 42.7% in the fourth quarter. National Bank of Canada FI now owns 13,452 shares of the company’s stock valued at $54,000 after acquiring an additional 4,023 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of indie Semiconductor in the fourth quarter valued at about $55,000. Regal Investment Advisors LLC raised its stake in indie Semiconductor by 39.2% in the fourth quarter. Regal Investment Advisors LLC now owns 14,174 shares of the company’s stock valued at $57,000 after purchasing an additional 3,988 shares in the last quarter. Virtu Financial LLC acquired a new position in indie Semiconductor in the third quarter valued at about $58,000. Finally, Daiwa Securities Group Inc. raised its stake in indie Semiconductor by 74.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 14,897 shares of the company’s stock valued at $60,000 after purchasing an additional 6,363 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

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.