indie Semiconductor (NASDAQ:INDI) Trading Down 6.8% Following Insider Selling

indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report)'s stock price fell 6.8% on Tuesday following insider selling activity. The stock traded as low as $2.58 and last traded at $2.56. 1,177,026 shares were traded during trading, a decline of 71% from the average session volume of 4,099,830 shares. The stock had previously closed at $2.74.

Specifically, COO Michael Wittmann sold 10,875 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $2.81, for a total value of $30,558.75. Following the completion of the transaction, the chief operating officer now directly owns 77,887 shares of the company's stock, valued at $218,862.47. This represents a 12.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael Wittmann sold 13,570 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $2.90, for a total transaction of $39,353.00. Following the completion of the transaction, the chief operating officer now owns 67,012 shares of the company's stock, valued at approximately $194,334.80. The trade was a 16.84 % decrease in their position. The disclosure for this sale can be found here. In related news, CEO Donald Mcclymont sold 65,754 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $2.90, for a total value of $190,686.60. Following the completion of the sale, the chief executive officer now directly owns 246,535 shares of the company's stock, valued at $714,951.50. The trade was a 21.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group started coverage on indie Semiconductor in a research note on Friday, January 24th. They set a "neutral" rating and a $4.50 target price for the company. Benchmark cut their price objective on indie Semiconductor from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, KeyCorp decreased their target price on shares of indie Semiconductor from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $7.50.

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indie Semiconductor Trading Down 7.1 %

The company has a market cap of $513.88 million, a price-to-earnings ratio of -3.35 and a beta of 1.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.39 and a quick ratio of 1.87. The business's 50-day simple moving average is $3.89 and its 200-day simple moving average is $3.99.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported ($0.15) EPS 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 analyst estimates of $58.20 million. indie Semiconductor had a negative net margin of 61.59% and a negative return on equity of 28.08%. Research analysts predict that indie Semiconductor, Inc. will post -0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On indie Semiconductor

Several institutional investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its stake in indie Semiconductor by 61.4% during the third 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 during the period. Frontier Capital Management Co. LLC raised its position 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 purchasing an additional 6,517,978 shares during the period. Artemis Investment Management LLP lifted its stake in shares of indie Semiconductor by 482.7% during the fourth quarter. Artemis Investment Management LLP now owns 6,539,694 shares of the company's stock worth $26,486,000 after purchasing an additional 5,417,296 shares in the last quarter. Bamco Inc. NY boosted its position in shares of indie Semiconductor by 30.6% in the fourth quarter. Bamco Inc. NY now owns 19,901,826 shares of the company's stock worth $80,602,000 after buying an additional 4,661,220 shares during the period. Finally, Elemental Capital Partners LLC acquired a new stake in shares of indie Semiconductor in the fourth quarter valued at about $14,272,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.

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