indie Semiconductor (NASDAQ:INDI) Stock Price Down 5% After Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) shares were down 5% on Tuesday after Benchmark lowered their price target on the stock from $12.00 to $9.00. Benchmark currently has a buy rating on the stock. indie Semiconductor traded as low as $3.18 and last traded at $3.20. Approximately 1,389,171 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,681,147 shares. The stock had previously closed at $3.37.

INDI has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of indie Semiconductor from $9.00 to $7.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Roth Mkm cut their price target on indie Semiconductor from $10.00 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, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $10.07.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, CFO Thomas Schiller sold 75,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $3.83, for a total transaction of $287,250.00. Following the transaction, the chief financial officer now owns 977,192 shares in the company, valued at approximately $3,742,645.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in indie Semiconductor by 1,743.8% during the 2nd quarter. GAMMA Investing LLC now owns 4,130 shares of the company's stock worth $25,000 after buying an additional 3,906 shares during the period. Xponance Inc. acquired a new stake in shares of indie Semiconductor during the second quarter worth $63,000. Creative Planning bought a new stake in indie Semiconductor in the 3rd quarter valued at $75,000. Legato Capital Management LLC acquired a new position in indie Semiconductor in the 2nd quarter worth $76,000. Finally, SlateStone Wealth LLC bought a new position in indie Semiconductor during the 2nd quarter worth about $82,000. 67.73% of the stock is owned by institutional investors.

indie Semiconductor Price Performance

The stock has a market cap of $657.41 million, a price-to-earnings ratio of -6.49 and a beta of 1.22. The company has a 50 day simple moving average of $3.71 and a 200-day simple moving average of $5.18. The company has a current ratio of 2.66, a quick ratio of 2.20 and a debt-to-equity ratio of 0.31.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.09) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.09). indie Semiconductor had a negative return on equity of 22.48% and a negative net margin of 34.65%. The firm had revenue of $52.40 million during the quarter, compared to the consensus estimate of $53.61 million. During the same quarter in the prior year, the firm posted ($0.11) EPS. The business's revenue was up .6% on a year-over-year basis. Research analysts expect that indie Semiconductor, Inc. will post -0.7 EPS for the current year.

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.