indie Semiconductor (NASDAQ:INDI) Shares Down 8.6% Following Analyst Downgrade

indie Semiconductor, Inc. (NASDAQ:INDI)’s share price was down 8.6% during trading on Monday after Roth Mkm lowered their price target on the stock from $7.00 to $5.00. Roth Mkm currently has a buy rating on the stock. indie Semiconductor traded as low as $4.97 and last traded at $5.01. Approximately 1,782,981 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 2,842,476 shares. The stock had previously closed at $5.48.

A number of other equities analysts also recently issued reports on INDI. Deutsche Bank Aktiengesellschaft lowered their price target on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a report on Friday, August 9th. Benchmark decreased their target price on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $9.79.

Insider Activity at indie Semiconductor

In other news, CFO Thomas Schiller sold 75,000 shares of indie Semiconductor stock in a transaction dated 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 sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of indie Semiconductor

A number of hedge funds have recently made changes to their positions in the stock. General American Investors Co. Inc. increased its holdings in indie Semiconductor by 46.5% in the third quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company’s stock valued at $5,376,000 after buying an additional 427,928 shares in the last quarter. Vanguard Group Inc. lifted its stake in indie Semiconductor by 3.2% during the first quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock valued at $75,047,000 after buying an additional 332,500 shares in the last quarter. Comerica Bank grew its holdings in indie Semiconductor by 23,949.9% during the first quarter. Comerica Bank now owns 314,813 shares of the company’s stock valued at $2,229,000 after purchasing an additional 313,504 shares during the last quarter. Artemis Investment Management LLP bought a new position in indie Semiconductor in the third quarter worth $4,478,000. Finally, Price T Rowe Associates Inc. MD increased its position in indie Semiconductor by 14.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 43,108 shares of the company’s stock worth $306,000 after purchasing an additional 5,394 shares during the period. 67.73% of the stock is owned by institutional investors.

indie Semiconductor Trading Down 7.3 %

The company has a market cap of $1.00 billion, a P/E ratio of -7.58 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 business has a 50 day moving average price of $3.71 and a 200-day moving average price of $5.14.

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.