indie Semiconductor (NASDAQ:INDI) Trading Down 6.1% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price dropped 6.1% during trading on Tuesday . The stock traded as low as $5.05 and last traded at $5.07. Approximately 969,180 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 2,893,333 shares. The stock had previously closed at $5.40.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Roth Mkm cut their target price on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Benchmark reduced their price objective on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $9.79.

indie Semiconductor Trading Down 7.4 %

The firm has a market capitalization of $1.01 billion, a P/E ratio of -8.06 and a beta of 1.22. The company has a quick ratio of 1.87, a current ratio of 2.39 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $3.93 and a 200-day moving average of $5.06.

Insider Buying and Selling

In related news, CEO Donald Mcclymont sold 200,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $4.71, for a total transaction of $942,000.00. Following the completion of the sale, the chief executive officer now directly owns 18,351 shares in the company, valued at $86,433.21. This represents a 91.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Schiller sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $3.83, for a total value of $287,250.00. Following the completion of the sale, the chief financial officer now directly owns 977,192 shares in the company, valued at $3,742,645.36. This trade represents a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,531 shares of company stock worth $1,242,915. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INDI. Primecap Management Co. CA increased 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 worth $101,619,000 after purchasing an additional 9,689,326 shares in the last quarter. Bamco Inc. NY grew its stake in shares of indie Semiconductor by 0.6% during the third quarter. Bamco Inc. NY now owns 15,240,606 shares of the company’s stock worth $60,810,000 after buying an additional 89,181 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of indie Semiconductor by 3.2% during the first quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock worth $75,047,000 after buying an additional 332,500 shares in the last quarter. State Street Corp lifted its stake in shares of indie Semiconductor by 2.3% in the 3rd quarter. State Street Corp now owns 7,102,029 shares of the company’s stock valued at $28,337,000 after acquiring an additional 161,132 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of indie Semiconductor by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 3,944,067 shares of the company’s stock valued at $15,739,000 after acquiring an additional 276,739 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

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.