Fifth Third Bancorp Purchases New Position in indie Semiconductor, Inc. $INDI

Fifth Third Bancorp purchased a new position in shares of indie Semiconductor, Inc. (NASDAQ:INDI) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 845,242 shares of the company’s stock, valued at approximately $2,722,000. Fifth Third Bancorp owned about 0.38% of indie Semiconductor as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wasatch Advisors LP raised its position in indie Semiconductor by 130.0% in the 1st quarter. Wasatch Advisors LP now owns 3,811,285 shares of the company’s stock valued at $12,272,000 after purchasing an additional 2,154,279 shares during the last quarter. General American Investors Co. Inc. increased its stake in shares of indie Semiconductor by 14.7% in the fourth quarter. General American Investors Co. Inc. now owns 1,954,849 shares of the company’s stock valued at $6,901,000 after buying an additional 250,000 shares in the last quarter. Elemental Capital Partners LLC raised its holdings in shares of indie Semiconductor by 3.8% in the fourth quarter. Elemental Capital Partners LLC now owns 7,902,713 shares of the company’s stock valued at $27,897,000 after buying an additional 291,111 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of indie Semiconductor by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 15,493,648 shares of the company’s stock valued at $54,693,000 after buying an additional 210,463 shares during the last quarter. Finally, Bamco Inc. NY lifted its position in indie Semiconductor by 0.7% during the 4th quarter. Bamco Inc. NY now owns 21,705,742 shares of the company’s stock worth $76,621,000 after buying an additional 148,455 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

indie Semiconductor Trading Down 1.6%

Shares of indie Semiconductor stock opened at $3.77 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.39. The business has a fifty day simple moving average of $4.29 and a two-hundred day simple moving average of $3.81. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05. The company has a market capitalization of $855.41 million, a price-to-earnings ratio of -4.96 and a beta of 2.75.

indie Semiconductor (NASDAQ:INDI) last announced its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). indie Semiconductor had a negative return on equity of 29.85% and a negative net margin of 69.76%.The company had revenue of $55.46 million for the quarter, compared to analyst estimates of $55.09 million. During the same quarter last year, the company earned ($0.08) earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts forecast that indie Semiconductor, Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other indie Semiconductor news, CFO Naixi Wu sold 19,640 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $4.37, for a total transaction of $85,826.80. Following the completion of the transaction, the chief financial officer owned 134,425 shares of the company’s stock, valued at approximately $587,437.25. The trade was a 12.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Wittmann sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $4.67, for a total transaction of $29,187.50. Following the transaction, the chief operating officer owned 139,352 shares of the company’s stock, valued at approximately $650,773.84. This represents a 4.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,733,956 shares of company stock worth $8,485,603. 2.57% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on INDI shares. Weiss Ratings restated a “sell (d-)” rating on shares of indie Semiconductor in a report on Tuesday, April 21st. UBS Group lifted their price target on indie Semiconductor from $4.25 to $4.75 and gave the company a “neutral” rating in a research note on Friday, May 8th. TD Cowen upped their price objective on indie Semiconductor from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday, July 13th. Finally, Wall Street Zen upgraded indie Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.75.

indie Semiconductor Company Profile

indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie’s product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.

Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.