indie Semiconductor (NASDAQ:INDI) Trading Down 5% on Analyst Downgrade

Shares of indie Semiconductor, Inc. (NASDAQ:INDI) fell 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. 1,389,171 shares were traded during trading, a decline of 48% from the average session volume of 2,681,147 shares. The stock had previously closed at $3.37.

A number of other brokerages have also weighed in on INDI. Deutsche Bank Aktiengesellschaft dropped their price objective on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Roth Mkm dropped their price objective on indie Semiconductor from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, indie Semiconductor currently has an average rating of “Buy” and a consensus target price of $10.07.

Insider Buying and Selling

In related news, CFO Thomas Schiller sold 75,000 shares of indie Semiconductor stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $3.83, for a total transaction of $287,250.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 3,906 shares during the last quarter. Xponance Inc. purchased a new stake in indie Semiconductor in the 2nd quarter worth approximately $63,000. Creative Planning purchased a new stake in indie Semiconductor in the 3rd quarter worth approximately $75,000. Legato Capital Management LLC purchased a new stake in indie Semiconductor in the 2nd quarter worth approximately $76,000. Finally, SlateStone Wealth LLC purchased a new stake in indie Semiconductor in the 2nd quarter worth approximately $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

indie Semiconductor Price Performance

The stock has a market capitalization of $657.41 million, a PE ratio of -6.49 and a beta of 1.22. 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 company’s 50 day simple moving average is $3.71 and its 200 day simple moving average is $5.18.

indie Semiconductor (NASDAQ:INDI) last released its earnings results on Thursday, August 8th. The company reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09). The firm had revenue of $52.40 million during the quarter, compared to analysts’ expectations of $53.61 million. indie Semiconductor had a negative net margin of 34.65% and a negative return on equity of 22.48%. indie Semiconductor’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.11) EPS. On average, equities analysts anticipate that indie Semiconductor, Inc. will post -0.7 earnings per share 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.