indie Semiconductor (NASDAQ:INDI) Given New $9.00 Price Target at Benchmark

indie Semiconductor (NASDAQ:INDI) had its price target reduced by research analysts at Benchmark from $12.00 to $9.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 181.25% from the stock’s current price.

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

indie Semiconductor Price Performance

Shares of NASDAQ INDI traded down $0.17 during mid-day trading on Tuesday, reaching $3.20. 1,389,171 shares of the company were exchanged, compared to its average volume of 2,681,147. The stock has a market capitalization of $631.74 million, a PE ratio of -6.25 and a beta of 1.22. The company’s 50 day moving average price is $3.71 and its 200 day moving average price is $5.18. indie Semiconductor has a 52 week low of $3.16 and a 52 week high of $8.69. The company has a quick ratio of 2.20, a current ratio of 2.66 and a debt-to-equity ratio of 0.31.

indie Semiconductor (NASDAQ:INDI) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $53.61 million. indie Semiconductor had a negative net margin of 34.65% and a negative return on equity of 22.48%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.11) EPS. Sell-side analysts forecast that indie Semiconductor will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Schiller sold 75,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $3.83, for a total transaction of $287,250.00. Following the sale, the chief financial officer now owns 977,192 shares of the company’s stock, valued at $3,742,645.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is currently owned by insiders.

Institutional Trading of indie Semiconductor

Several institutional investors and hedge funds have recently modified their holdings of the company. Primecap Management Co. CA grew its stake in shares of indie Semiconductor by 93.5% in the 2nd quarter. Primecap Management Co. CA now owns 15,779,119 shares of the company’s stock worth $97,357,000 after buying an additional 7,624,797 shares in the last quarter. Bamco Inc. NY boosted its position in indie Semiconductor by 28.0% in the 1st quarter. Bamco Inc. NY now owns 14,285,896 shares of the company’s stock valued at $101,144,000 after buying an additional 3,121,255 shares during the period. Vanguard Group Inc. raised its holdings in shares of indie Semiconductor by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 10,599,890 shares of the company’s stock valued at $75,047,000 after purchasing an additional 332,500 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of indie Semiconductor by 290.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,195,910 shares of the company’s stock valued at $12,752,000 after purchasing an additional 2,377,612 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of indie Semiconductor by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,649,907 shares of the company’s stock worth $11,681,000 after acquiring an additional 37,236 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.