Fifth Third Bancorp Buys Shares of 845,242 indie Semiconductor, Inc. $INDI

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of INDI. Evergreen Capital Management LLC acquired a new position in indie Semiconductor in the second quarter valued at $37,000. Caitong International Asset Management Co. Ltd boosted its position in indie Semiconductor by 45,829.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,023 shares of the company’s stock valued at $39,000 after acquiring an additional 10,999 shares during the last quarter. Jump Financial LLC acquired a new stake in indie Semiconductor during the 2nd quarter worth about $39,000. Gainplan LLC acquired a new stake in indie Semiconductor during the 4th quarter worth about $39,000. Finally, CIBC Asset Management Inc bought a new position in shares of indie Semiconductor in the 4th quarter worth about $42,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Activity at indie Semiconductor

In other indie Semiconductor news, President Ichiro Aoki sold 300,562 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $5.18, for a total transaction of $1,556,911.16. Following the sale, the president directly owned 107,148 shares of the company’s stock, valued at $555,026.64. This represents a 73.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Naixi Wu sold 19,640 shares of the firm’s stock in a transaction that occurred on 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 directly owned 134,425 shares of the company’s stock, valued at approximately $587,437.25. This trade represents a 12.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,733,956 shares of company stock worth $8,485,603. Insiders own 2.57% of the company’s stock.

indie Semiconductor Stock Performance

NASDAQ INDI opened at $3.77 on Tuesday. The company has a fifty day moving average price of $4.29 and a 200-day moving average price of $3.81. The firm has a market cap of $855.41 million, a price-to-earnings ratio of -4.96 and a beta of 2.75. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.11 and a quick ratio of 3.39. indie Semiconductor, Inc. has a 1 year low of $2.32 and a 1 year high of $6.05.

indie Semiconductor (NASDAQ:INDI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). indie Semiconductor had a negative net margin of 69.76% and a negative return on equity of 29.85%. The business had revenue of $55.46 million for the quarter, compared to analysts’ expectations of $55.09 million. During the same period in the previous year, the company earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts predict that indie Semiconductor, Inc. will post -0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

indie Semiconductor 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.