indie Semiconductor (NASDAQ:INDI) Reaches New 1-Year Low – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI) shares hit a new 52-week low during trading 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.

Analyst Ratings Changes

A number of brokerages recently commented on INDI. Roth Mkm lowered their price objective on indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, November 8th. UBS Group initiated coverage on indie Semiconductor in a research note on Friday, January 24th. They issued a “neutral” rating and a $4.50 price target for the company. KeyCorp decreased their price target on indie Semiconductor from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Benchmark decreased their price target on indie Semiconductor from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, indie Semiconductor presently has an average rating of “Moderate Buy” and a consensus price target 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 firm has a market cap of $529.02 million, a price-to-earnings ratio of -3.45 and a beta of 1.41. The company has a fifty day moving average price of $4.00 and a two-hundred day moving average price of $4.02.

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

Insider Activity

In other news, CEO Donald Mcclymont sold 50,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was 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 $79,092.81. This represents a 73.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael Wittmann sold 18,375 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $4.10, for a total value of $75,337.50. Following the sale, the chief operating officer now directly owns 28,860 shares of the company’s stock, valued at approximately $118,326. This represents a 38.90 % decrease in their ownership of the stock. 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 three months. Insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On indie Semiconductor

Hedge funds have recently bought and sold shares of the business. General American Investors Co. Inc. lifted its stake in 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 acquiring an additional 427,928 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in indie Semiconductor by 10.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,318,300 shares of the company’s stock worth $5,260,000 after acquiring an additional 120,071 shares in the last quarter. Geode Capital Management LLC lifted its stake in indie Semiconductor by 7.5% in the 3rd quarter. Geode Capital Management LLC now owns 3,944,067 shares of the company’s stock worth $15,739,000 after acquiring an additional 276,739 shares in the last quarter. State Street Corp lifted its stake in indie Semiconductor by 2.3% in the 3rd quarter. State Street Corp now owns 7,102,029 shares of the company’s stock worth $28,337,000 after acquiring an additional 161,132 shares in the last quarter. Finally, Barclays PLC lifted its stake in indie Semiconductor by 330.7% in the 3rd quarter. Barclays PLC now owns 256,799 shares of the company’s stock worth $1,026,000 after acquiring an additional 197,179 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.