indie Semiconductor (NASDAQ:INDI) Shares Gap Down Following Weak Earnings

indie Semiconductor, Inc. (NASDAQ:INDI) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $3.91, but opened at $3.79. indie Semiconductor shares last traded at $3.59, with a volume of 1,497,931 shares traded.

The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). indie Semiconductor had a negative return on equity of 24.04% and a negative net margin of 49.88%. The business had revenue of $58.01 million for the quarter, compared to analysts’ expectations of $58.20 million.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Roth Mkm cut their price target on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Benchmark reduced their price target on indie Semiconductor from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group began coverage on indie Semiconductor in a research report on Friday, January 24th. They issued a “neutral” rating and a $4.50 price objective for the company. Finally, KeyCorp dropped their price objective on indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.86.

Insider Transactions at indie Semiconductor

In other news, CEO Donald Mcclymont sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $4.31, for a total value 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. This trade represents a 73.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $75,337.50. Following the transaction, the chief operating officer now owns 28,860 shares in the company, valued at $118,326. This represents a 38.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,593 shares of company stock worth $330,291. 8.20% of the stock is currently owned by insiders.

Institutional Trading of indie Semiconductor

Several large investors have recently bought and sold shares of the company. Creative Planning purchased a new position in shares of indie Semiconductor in the 3rd quarter valued at approximately $75,000. Tempus Wealth Planning LLC raised its holdings in indie Semiconductor by 61.6% in the third quarter. Tempus Wealth Planning LLC now owns 36,121 shares of the company’s stock worth $144,000 after purchasing an additional 13,768 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings 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. General American Investors Co. Inc. grew its position in shares of indie Semiconductor by 46.5% in the 3rd quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company’s stock worth $5,376,000 after buying an additional 427,928 shares during the period. Finally, Bouvel Investment Partners LLC increased its stake in shares of indie Semiconductor by 33.2% in the 3rd quarter. Bouvel Investment Partners LLC now owns 186,119 shares of the company’s stock worth $743,000 after acquiring an additional 46,400 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

indie Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.39. The business’s 50-day moving average is $4.18 and its 200-day moving average is $4.10. The company has a market capitalization of $723.88 million, a PE ratio of -5.34 and a beta of 1.41.

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.