Fred Alger Management LLC Cuts Stake in indie Semiconductor, Inc. (NASDAQ:INDI)

Fred Alger Management LLC lowered its stake in indie Semiconductor, Inc. (NASDAQ:INDI - Free Report) by 99.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,286 shares of the company's stock after selling 1,665,565 shares during the period. Fred Alger Management LLC's holdings in indie Semiconductor were worth $49,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INDI. Primecap Management Co. CA grew its stake in shares of indie Semiconductor by 61.4% in the third quarter. Primecap Management Co. CA now owns 25,468,445 shares of the company's stock worth $101,619,000 after acquiring an additional 9,689,326 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in 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 purchasing an additional 2,377,612 shares during the last quarter. Artemis Investment Management LLP bought a new stake in indie Semiconductor during the 3rd quarter valued at about $4,478,000. General American Investors Co. Inc. raised its holdings in indie Semiconductor by 46.5% in the third 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of indie Semiconductor by 61.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,127,024 shares of the company's stock worth $6,954,000 after buying an additional 427,372 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

INDI has been the subject of several analyst reports. Benchmark reduced their price target on shares of indie Semiconductor from $12.00 to $9.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Roth Mkm dropped their price objective on indie Semiconductor from $7.00 to $5.00 and set a "buy" rating on the stock in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on indie Semiconductor from $9.00 to $7.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $8.92.

indie Semiconductor Stock Performance

INDI stock traded up $0.05 during trading on Monday, reaching $5.28. The stock had a trading volume of 2,591,314 shares, compared to its average volume of 2,889,594. The stock's 50 day moving average is $4.03 and its two-hundred day moving average is $5.03. The firm has a market cap of $1.07 billion, a PE ratio of -7.87 and a beta of 1.22. indie Semiconductor, Inc. has a 52 week low of $3.16 and a 52 week high of $8.69. The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32.

Insider Transactions at indie Semiconductor

In related news, CEO Donald Mcclymont sold 200,000 shares of indie Semiconductor 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 transaction, the chief executive officer now directly owns 18,351 shares in the company, valued at approximately $86,433.21. The trade was a 91.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Schiller sold 75,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was 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 owns 977,192 shares of the company's stock, valued at approximately $3,742,645.36. The trade was a 7.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 281,612 shares of company stock worth $1,259,860 in the last quarter. Company insiders own 8.20% 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.