indie Semiconductor (NASDAQ:INDI) Shares Down 8.6% After Analyst Downgrade

Shares of indie Semiconductor, Inc. (NASDAQ:INDI - Get Free Report) fell 8.6% on Monday after Roth Mkm lowered their price target on the stock from $7.00 to $5.00. Roth Mkm currently has a buy rating on the stock. indie Semiconductor traded as low as $4.97 and last traded at $5.01. 1,782,981 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 2,842,476 shares. The stock had previously closed at $5.48.

A number of other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft lowered 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. Benchmark lowered their target price on indie Semiconductor from $12.00 to $9.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Seven investment 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 a consensus price target of $9.79.

Insider Activity at indie Semiconductor

In other news, CFO Thomas Schiller sold 75,000 shares of the business's stock in a transaction that occurred on 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 directly owns 977,192 shares in the company, valued at $3,742,645.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On indie Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. General American Investors Co. Inc. lifted its stake in shares of indie Semiconductor by 46.5% in the 3rd quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company's stock valued at $5,376,000 after purchasing an additional 427,928 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of indie Semiconductor by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company's stock valued at $75,047,000 after purchasing an additional 332,500 shares during the last quarter. Comerica Bank lifted its stake in shares of indie Semiconductor by 23,949.9% in the 1st quarter. Comerica Bank now owns 314,813 shares of the company's stock valued at $2,229,000 after purchasing an additional 313,504 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in shares of indie Semiconductor in the 3rd quarter valued at $4,478,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of indie Semiconductor by 14.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,108 shares of the company's stock valued at $306,000 after buying an additional 5,394 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

indie Semiconductor Price Performance

The company has a current ratio of 2.66, a quick ratio of 2.20 and a debt-to-equity ratio of 0.31. The stock has a market cap of $1.00 billion, a PE ratio of -7.58 and a beta of 1.22. The company has a fifty day moving average of $3.71 and a 200-day moving average of $5.14.

indie Semiconductor (NASDAQ:INDI - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.09). The firm had revenue of $52.40 million for the quarter, compared to the consensus estimate of $53.61 million. indie Semiconductor had a negative return on equity of 24.14% and a negative net margin of 49.88%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.11) EPS. Sell-side analysts expect that indie Semiconductor, Inc. will post -0.7 EPS for the current fiscal 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.