indie Semiconductor (NASDAQ:INDI) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of indie Semiconductor (NASDAQ:INDIGet Rating) from a buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

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. “

Other analysts also recently issued research reports about the stock. 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 research note on Wednesday, April 20th. B. Riley decreased their price target on shares of indie Semiconductor from $22.00 to $15.00 in a research note on Thursday, February 24th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $13.29.

INDI opened at $6.94 on Tuesday. The firm has a market cap of $902.68 million, a P/E ratio of 2.02 and a beta of 0.36. indie Semiconductor has a 12 month low of $5.07 and a 12 month high of $16.33. The company has a current ratio of 7.36, a quick ratio of 7.09 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $7.12 and a 200 day moving average of $9.51.

indie Semiconductor (NASDAQ:INDIGet Rating) last announced its quarterly earnings data 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 the consensus estimate of $18.24 million. On average, research analysts forecast that indie Semiconductor will post -0.46 earnings per share for the current fiscal year.

In other indie Semiconductor news, COO Steven Machuga sold 95,803 shares of indie Semiconductor stock in a transaction on Thursday, February 24th. The shares were sold at an average price of $7.28, for a total value of $697,445.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Scott David Kee sold 188,912 shares of indie Semiconductor stock in a transaction on Monday, February 28th. The stock was sold at an average price of $7.89, for a total transaction of $1,490,515.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 295,655 shares of company stock worth $2,268,945. 20.23% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in INDI. Morgan Stanley purchased a new stake in shares of indie Semiconductor during the second quarter valued at $433,000. Wells Fargo & Company MN acquired a new position in indie Semiconductor during the second quarter valued at $148,000. Commonwealth Equity Services LLC lifted its position in indie Semiconductor by 22.4% during the third quarter. Commonwealth Equity Services LLC now owns 26,283 shares of the company’s stock valued at $323,000 after purchasing an additional 4,810 shares during the period. Raymond James & Associates acquired a new position in indie Semiconductor during the third quarter valued at $289,000. Finally, Advisor Group Holdings Inc. lifted its position in indie Semiconductor by 41.1% during the third quarter. Advisor Group Holdings Inc. now owns 6,532 shares of the company’s stock valued at $80,000 after purchasing an additional 1,903 shares during the period. 25.04% of the stock is currently owned by hedge funds and other institutional investors.

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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