indie Semiconductor (NASDAQ:INDI) Hits New 12-Month Low - Here's What Happened

Shares of indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) reached 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. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

INDI has been the topic of a number of recent research reports. UBS Group assumed coverage on shares of indie Semiconductor in a report on Friday, January 24th. They set a "neutral" rating and a $4.50 price target on the stock. KeyCorp cut their price objective on indie Semiconductor from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Benchmark reduced their target price on shares of 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 given a buy rating to the company. Based on data from MarketBeat, indie Semiconductor currently has a consensus rating of "Moderate Buy" and an average target price of $7.50.

indie Semiconductor Price 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 stock has a market capitalization of $591.61 million, a P/E ratio of -3.86 and a beta of 1.54. The firm has a fifty day moving average price of $3.92 and a two-hundred day moving average price of $4.00.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The company had revenue of $58.01 million for the quarter, compared to the consensus estimate 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, analysts expect that indie Semiconductor, Inc. will post -0.54 EPS for the current fiscal year.

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Insiders Place Their Bets

In related news, CEO Donald Mcclymont sold 50,000 shares of the firm's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $4.31, for a total transaction of $215,500.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Wittmann sold 18,375 shares of the firm's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $4.10, for a total value of $75,337.50. Following the transaction, the chief operating officer now owns 28,860 shares of the company's stock, valued at approximately $118,326. The trade was a 38.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 123,512 shares of company stock worth $469,345. Corporate insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Regal Investment Advisors LLC lifted its position in indie Semiconductor by 39.2% during the fourth quarter. Regal Investment Advisors LLC now owns 14,174 shares of the company's stock valued at $57,000 after purchasing an additional 3,988 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of indie Semiconductor by 42.7% in the 4th quarter. National Bank of Canada FI now owns 13,452 shares of the company's stock worth $54,000 after purchasing an additional 4,023 shares during the period. Rhumbline Advisers raised its holdings in indie Semiconductor by 1.8% during the 4th quarter. Rhumbline Advisers now owns 239,090 shares of the company's stock valued at $968,000 after buying an additional 4,156 shares during the period. Invesco Ltd. lifted its position in indie Semiconductor by 5.5% in the fourth quarter. Invesco Ltd. now owns 93,328 shares of the company's stock worth $378,000 after buying an additional 4,879 shares during the last quarter. Finally, American Trust lifted its position in indie Semiconductor by 20.3% in the fourth quarter. American Trust now owns 34,845 shares of the company's stock worth $141,000 after buying an additional 5,869 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.