indie Semiconductor (NASDAQ:INDI) Shares Down 4.2% After Insider Selling

indie Semiconductor, Inc. (NASDAQ:INDI) dropped 4.2% during trading on Monday following insider selling activity. The company traded as low as $6.11 and last traded at $6.11. Approximately 741,778 shares traded hands during trading, a decline of 74% from the average daily volume of 2,804,822 shares. The stock had previously closed at $6.38.

Specifically, CFO Thomas Schiller sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $5.68, for a total value of $340,800.00. Following the transaction, the chief financial officer now owns 1,039,583 shares in the company, valued at $5,904,831.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Thomas Schiller sold 60,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $5.68, for a total transaction of $340,800.00. Following the transaction, the chief financial officer now owns 1,039,583 shares in the company, valued at $5,904,831.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Donald Mcclymont sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $6.74, for a total transaction of $337,000.00. Following the transaction, the chief executive officer now owns 83,731 shares in the company, valued at approximately $564,346.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 350,015 shares of company stock worth $2,271,749. Corporate insiders own 8.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on INDI. B. Riley reaffirmed a “buy” rating and set a $13.50 target price (down from $14.50) on shares of indie Semiconductor in a report on Friday, May 10th. KeyCorp reduced their target price on shares of indie Semiconductor from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of indie Semiconductor from $10.00 to $9.00 and set a “buy” rating for the company in a report on Friday, May 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $12.64.

indie Semiconductor Trading Down 4.7 %

The stock’s 50 day moving average price is $6.32 and its 200-day moving average price is $6.78. The company has a quick ratio of 1.49, a current ratio of 1.74 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1.14 billion, a PE ratio of -12.41 and a beta of 1.24.

indie Semiconductor (NASDAQ:INDI) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.13). The firm had revenue of $52.35 million during the quarter, compared to analysts’ expectations of $56.30 million. indie Semiconductor had a negative return on equity of 21.08% and a negative net margin of 32.12%. On average, sell-side analysts expect that indie Semiconductor, Inc. will post -0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On indie Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of INDI. Swiss National Bank boosted its position in shares of indie Semiconductor by 1.9% during the third quarter. Swiss National Bank now owns 264,700 shares of the company’s stock worth $1,668,000 after acquiring an additional 5,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in indie Semiconductor by 176.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 981,828 shares of the company’s stock valued at $6,186,000 after purchasing an additional 626,504 shares during the last quarter. Deutsche Bank AG lifted its position in indie Semiconductor by 13.0% during the third quarter. Deutsche Bank AG now owns 73,542 shares of the company’s stock valued at $463,000 after purchasing an additional 8,432 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in indie Semiconductor by 20.8% during the third quarter. PNC Financial Services Group Inc. now owns 15,537 shares of the company’s stock valued at $98,000 after purchasing an additional 2,680 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in indie Semiconductor by 6.5% during the third quarter. Clearbridge Investments LLC now owns 1,203,735 shares of the company’s stock valued at $7,584,000 after purchasing an additional 73,002 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

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.