indie Semiconductor (NASDAQ:INDI) Rating Increased to Buy at Zacks Investment Research

indie Semiconductor (NASDAQ:INDIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $6.75 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 20.32% from the company’s previous close.

According to Zacks, “indie Semiconductor provides automotive semiconductors and software platforms. It focus on edge sensors for Advanced Driver Assistance Systems including LiDAR, connected car, user experience and electrification applications. indie Semiconductor, formerly known as Thunder Bridge Acquisition II Ltd., is based in Virginia, United States. “

Several other research analysts have also recently issued reports on the stock. B. Riley decreased their target price on shares of indie Semiconductor from $22.00 to $15.00 in a report on Thursday, February 24th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of indie Semiconductor from $16.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, April 20th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, indie Semiconductor presently has a consensus rating of “Buy” and an average target price of $14.15.

NASDAQ:INDI opened at $5.61 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.36 and a quick ratio of 7.09. The company has a market capitalization of $729.69 million, a price-to-earnings ratio of 1.64 and a beta of 0.36. indie Semiconductor has a one year low of $5.60 and a one year high of $16.33. The business’s 50-day simple moving average is $7.21.

indie Semiconductor (NASDAQ:INDIGet Rating) last issued its earnings results on Tuesday, February 22nd. The company reported ($0.09) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.09). The firm had revenue of $18.96 million during the quarter, compared to analysts’ expectations of $18.24 million. As a group, analysts anticipate that indie Semiconductor will post -0.46 earnings per share for the current year.

In related news, CTO Scott David Kee sold 188,912 shares of the business’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $7.89, for a total transaction of $1,490,515.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Steven Machuga sold 8,699 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The shares were sold at an average price of $7.30, for a total transaction of $63,502.70. The disclosure for this sale can be found here. Insiders have sold 295,655 shares of company stock valued at $2,268,945 over the last three months. 20.23% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new position in shares of indie Semiconductor in the third quarter worth approximately $25,000. Samalin Investment Counsel LLC bought a new position in shares of indie Semiconductor in the fourth quarter worth approximately $25,000. Harbour Investments Inc. boosted its position in shares of indie Semiconductor by 579.0% in the fourth quarter. Harbour Investments Inc. now owns 2,974 shares of the company’s stock worth $36,000 after purchasing an additional 2,536 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of indie Semiconductor by 470.6% in the third quarter. Rockefeller Capital Management L.P. now owns 4,850 shares of the company’s stock worth $59,000 after purchasing an additional 4,000 shares during the period. Finally, Citigroup Inc. bought a new position in shares of indie Semiconductor in the third quarter worth approximately $75,000. Institutional investors own 25.04% of the company’s stock.

indie Semiconductor Company Profile (Get Rating)

indie Semiconductor, Inc provides automotive semiconductors and software solutions for advanced driver assistance systems, connected car, user experience, and electrification applications. It offers devices for a multitude of automotive applications spanning ultrasound for parking assistance, in cabin wireless charging, infotainment and LED lighting for enhancing the user experience, and telematics and cloud access for connectivity; and photonic components on various technology platforms, including fiber bragg gratings, low noise lasers, athermal and tunable packaging, photonic integration, and low noise and high-speed electronics for the laser systems, optical sensing, and optical communication markets.

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