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

indie Semiconductor (NASDAQ:INDI) had its price target trimmed by Benchmark from $12.00 to $9.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft decreased their price objective on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Roth Mkm decreased their price target on shares of indie Semiconductor from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, indie Semiconductor has a consensus rating of “Buy” and a consensus price target of $10.07.

indie Semiconductor Trading Down 1.7 %

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

indie Semiconductor (NASDAQ:INDI) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.09) EPS for the quarter, hitting analysts’ consensus estimates of ($0.09). The company had revenue of $52.40 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. On average, equities research analysts forecast that indie Semiconductor will post -0.7 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas Schiller sold 75,000 shares of indie Semiconductor stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On indie Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its stake in shares of indie Semiconductor by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,071 shares of the company’s stock worth $192,000 after purchasing an additional 2,131 shares during the last quarter. Principal Financial Group Inc. lifted its stake in indie Semiconductor by 15.3% during the 1st quarter. Principal Financial Group Inc. now owns 20,162 shares of the company’s stock valued at $143,000 after acquiring an additional 2,674 shares during the period. GAMMA Investing LLC boosted its holdings in shares of indie Semiconductor by 1,743.8% in the 2nd quarter. GAMMA Investing LLC now owns 4,130 shares of the company’s stock valued at $25,000 after acquiring an additional 3,906 shares during the last quarter. Wealth Effects LLC boosted its holdings in shares of indie Semiconductor by 2.8% in the 2nd quarter. Wealth Effects LLC now owns 170,700 shares of the company’s stock valued at $1,053,000 after acquiring an additional 4,600 shares during the last quarter. Finally, Register Financial Advisors LLC increased its stake in shares of indie Semiconductor by 3.7% in the second quarter. Register Financial Advisors LLC now owns 138,440 shares of the company’s stock worth $854,000 after acquiring an additional 5,000 shares during the period. Hedge funds and other 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.