indie Semiconductor (NASDAQ:INDI) Stock Price Up 10.5% – Here’s Why

indie Semiconductor, Inc. (NASDAQ:INDI)’s stock price traded up 10.5% during trading on Wednesday . The stock traded as high as $4.34 and last traded at $4.31. 1,342,989 shares changed hands during trading, a decline of 69% from the average session volume of 4,268,646 shares. The stock had previously closed at $3.90.

Analyst Ratings Changes

INDI has been the topic of several recent research reports. Benchmark dropped their price target on shares of indie Semiconductor from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Roth Mkm lowered their target price on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, November 8th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, indie Semiconductor presently has an average rating of “Buy” and an average target price of $8.92.

indie Semiconductor Stock Down 2.0 %

The company has a market capitalization of $870.28 million, a PE ratio of -6.43 and a beta of 1.41. The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average is $4.46 and its two-hundred day moving average is $4.48.

Insider Activity

In related news, COO Michael Wittmann sold 18,375 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $4.10, for a total transaction of $75,337.50. Following the completion of the transaction, the chief operating officer now owns 28,860 shares of the company’s stock, valued at approximately $118,326. The trade was a 38.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Donald Mcclymont sold 200,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $4.71, for a total transaction of $942,000.00. Following the completion of the sale, the chief executive officer now owns 18,351 shares in the company, valued at $86,433.21. This represents a 91.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,593 shares of company stock valued at $1,272,291 in the last three months. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. American Trust increased its stake in indie Semiconductor by 28.2% in the 3rd quarter. American Trust now owns 28,976 shares of the company’s stock worth $116,000 after acquiring an additional 6,375 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of indie Semiconductor by 11.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 62,769 shares of the company’s stock valued at $387,000 after buying an additional 6,608 shares in the last quarter. Truvestments Capital LLC lifted its position in indie Semiconductor by 15.6% in the 3rd quarter. Truvestments Capital LLC now owns 56,456 shares of the company’s stock worth $225,000 after buying an additional 7,601 shares during the last quarter. Xponance Inc. purchased a new position in shares of indie Semiconductor during the second quarter worth approximately $63,000. Finally, Meros Investment Management LP lifted its holdings in shares of indie Semiconductor by 1.6% in the 2nd quarter. Meros Investment Management LP now owns 821,229 shares of the company’s stock worth $5,067,000 after acquiring an additional 12,836 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Company Profile

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.