indie Semiconductor (NASDAQ:INDI) Stock Price Up 8.6% – Here’s What Happened

indie Semiconductor, Inc. (NASDAQ:INDI) shot up 8.6% on Friday . The stock traded as high as $5.06 and last traded at $5.05. 1,543,806 shares changed hands during trading, a decline of 47% from the average session volume of 2,889,671 shares. The stock had previously closed at $4.65.

Analyst Ratings Changes

A number of analysts have commented on INDI shares. Benchmark reduced their price target on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of indie Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Roth Mkm lowered their price target on shares of indie Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $9.79.

indie Semiconductor Price Performance

The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.01 billion, a P/E ratio of -7.43 and a beta of 1.22. The firm has a 50 day moving average of $3.89 and a 200-day moving average of $5.06.

Insider Transactions at indie Semiconductor

In related news, CEO Donald Mcclymont sold 200,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $4.71, for a total value of $942,000.00. Following the sale, the chief executive officer now directly owns 18,351 shares in the company, valued at approximately $86,433.21. The trade was a 91.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas Schiller sold 75,000 shares of the firm’s 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 transaction, the chief financial officer now owns 977,192 shares of the company’s stock, valued at $3,742,645.36. This represents a 7.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,531 shares of company stock valued at $1,242,915. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On indie Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in INDI. Primecap Management Co. CA raised its position in shares of indie Semiconductor by 61.4% during the 3rd quarter. Primecap Management Co. CA now owns 25,468,445 shares of the company’s stock valued at $101,619,000 after buying an additional 9,689,326 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in indie Semiconductor by 290.6% during the third 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 during the period. Artemis Investment Management LLP purchased a new stake in indie Semiconductor during the third quarter valued at approximately $4,478,000. Harber Asset Management LLC bought a new stake in shares of indie Semiconductor in the 3rd quarter valued at approximately $3,406,000. Finally, General American Investors Co. Inc. boosted its holdings in shares of indie Semiconductor by 46.5% in the 3rd quarter. General American Investors Co. Inc. now owns 1,347,393 shares of the company’s stock worth $5,376,000 after purchasing an additional 427,928 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.