indie Semiconductor (NASDAQ:INDI) Price Target Lowered to $9.00 at Benchmark

indie Semiconductor (NASDAQ:INDI) had its price target cut by Benchmark from $12.00 to $9.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Roth Mkm cut their price target on indie Semiconductor from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft cut their price objective 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, indie Semiconductor currently has a consensus rating of “Buy” and a consensus target price of $10.07.

indie Semiconductor Stock Performance

Shares of NASDAQ INDI opened at $3.43 on Tuesday. The company has a quick ratio of 2.20, a current ratio of 2.66 and a debt-to-equity ratio of 0.31. The firm’s 50 day simple moving average is $3.67 and its 200-day simple moving average is $5.14. indie Semiconductor has a 12 month low of $3.16 and a 12 month high of $8.69.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). The company had revenue of $52.40 million for the quarter, compared to analyst estimates of $53.61 million. indie Semiconductor had a negative net margin of 34.65% and a negative return on equity of 22.48%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the business earned ($0.11) earnings per share. As a group, sell-side analysts anticipate that indie Semiconductor will post -0.7 EPS for the current year.

Insider Buying and Selling

In other indie Semiconductor news, CFO Thomas Schiller sold 75,000 shares of the 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 owns 977,192 shares of the company’s stock, valued at $3,742,645.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of indie Semiconductor by 3.2% during the first quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock worth $75,047,000 after buying an additional 332,500 shares in the last quarter. Comerica Bank raised its holdings in 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 acquiring an additional 313,504 shares during the last quarter. Artemis Investment Management LLP purchased a new position in indie Semiconductor in the 3rd quarter worth approximately $4,478,000. Price T Rowe Associates Inc. MD lifted its position in indie Semiconductor by 14.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 43,108 shares of the company’s stock worth $306,000 after buying an additional 5,394 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in indie Semiconductor during the second quarter worth $478,000. 67.73% of the stock is 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.