indie Semiconductor (NASDAQ:INDI) Stock Price Down 8.6% Following Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price was down 8.6% during 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. Approximately 1,782,981 shares were traded during trading, a decline of 37% from the average daily volume of 2,842,476 shares. The stock had previously closed at $5.48.

A number of other brokerages have also commented on INDI. Deutsche Bank Aktiengesellschaft decreased their price objective on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Benchmark lowered their target price on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $9.79.

Insider Activity at indie Semiconductor

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Primecap Management Co. CA boosted its position in indie Semiconductor by 61.4% during the 3rd quarter. Primecap Management Co. CA now owns 25,468,445 shares of the company’s stock valued at $101,619,000 after acquiring an additional 9,689,326 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of indie Semiconductor in the 3rd quarter valued at approximately $143,000. Advisors Asset Management Inc. increased its holdings in shares of indie Semiconductor by 115.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 60,392 shares of the company’s stock valued at $241,000 after purchasing an additional 32,353 shares in the last quarter. Bouvel Investment Partners LLC grew its holdings in indie Semiconductor by 33.2% in the third quarter. Bouvel Investment Partners LLC now owns 186,119 shares of the company’s stock valued at $743,000 after purchasing an additional 46,400 shares during the period. Finally, General American Investors Co. Inc. raised its holdings in shares of indie Semiconductor by 46.5% during the third quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company’s stock worth $5,376,000 after purchasing an additional 427,928 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

indie Semiconductor Stock Down 7.3 %

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 business’s 50 day simple moving average is $3.71 and its 200 day simple moving average is $5.14. The company has a market capitalization of $1.00 billion, a PE ratio of -7.58 and a beta of 1.22.

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.