indie Semiconductor (NASDAQ:INDI) Shares Gap Down After Earnings Miss

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.08). The company had revenue of $58.01 million for the quarter, compared to analysts' expectations of $58.20 million. indie Semiconductor had a negative return on equity of 28.08% and a negative net margin of 61.59%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. KeyCorp decreased their price target on shares of indie Semiconductor from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Friday. UBS Group began coverage on indie Semiconductor in a research report on Friday, January 24th. They set a "neutral" rating and a $4.50 price objective for the company. Roth Mkm cut their target price 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, Benchmark dropped their price target on shares of indie Semiconductor from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, indie Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.50.

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Insider Activity

In other indie Semiconductor news, COO Michael Wittmann sold 18,375 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $4.10, for a total value of $75,337.50. Following the completion of the sale, the chief operating officer now owns 28,860 shares in the company, valued at approximately $118,326. The trade was a 38.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Donald Mcclymont sold 50,000 shares of the stock in a transaction that occurred on 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 $79,092.81. The trade was a 73.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 73,512 shares of company stock valued at $313,345. Insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA boosted its holdings in indie Semiconductor by 3.2% in the 4th quarter. Primecap Management Co. CA now owns 26,287,766 shares of the company's stock valued at $106,465,000 after purchasing an additional 819,321 shares in the last quarter. Bamco Inc. NY lifted its holdings in indie Semiconductor by 30.6% in the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock valued at $80,602,000 after acquiring an additional 4,661,220 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in indie Semiconductor by 60.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 17,374,268 shares of the company's stock valued at $70,366,000 after acquiring an additional 6,517,978 shares during the period. Vanguard Group Inc. boosted its position in shares of indie Semiconductor by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 12,585,262 shares of the company's stock worth $50,970,000 after purchasing an additional 942,088 shares in the last quarter. Finally, State Street Corp grew its stake in shares of indie Semiconductor by 2.3% during the 3rd quarter. State Street Corp now owns 7,102,029 shares of the company's stock worth $28,337,000 after purchasing an additional 161,132 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Price Performance

The stock has a market cap of $664.32 million, a price-to-earnings ratio of -4.33 and a beta of 1.41. The company's 50 day moving average is $4.15 and its 200 day moving average is $4.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87.

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.