Granahan Investment Management, L recently announced the acquisition of new stake in indie Semiconductor Inc. (NASDAQ:INDI). The institutional investor has increased its shareholding in the Technology company by 61.37% to 7.29 million shares with purchase of 2.77 million shares. This fresh investment now brings its stake to 5.75% valued currently at $76.26 million. In addition, BlackRock Fund Advisors raised its holdings by 0.66 million to 5.84 million shares. And Lord, Abbett & Co. LLC has lifted its position by 81.16% or 2.53 million shares – to 5.65 million shares.
With over 3.21 million indie Semiconductor Inc. (INDI) shares trading Friday and a closing price of $10.10 on the day, the dollar volume was approximately $32.37 million. The shares have shown a positive half year performance of 17.17% and its price on 03/10/23 lost nearly -2.98%. Currently, there are 120.51M common shares owned by the public and among those 82.70M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for INDI have a consensus price objective of $15.67. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $12.00. The average price target is 35.55% above its recent price level and an upside to the estimated low will see the stock gain 15.83% over that period. But an upside of 49.5% will see the stock hit the forecast high price target while median target price for the stock is $15.50.
Insiders at the company have transacted a total of 76 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 999,561 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 1,959,141 shares.
The top 3 mutual fund holders in indie Semiconductor Inc. are Baron Discovery Fund, PRIMECAP Odyssey Aggressive Growt, and SPDR S&P Semiconductor ETF. Baron Discovery Fund owns 2.91 million shares of the company’s stock, all valued at over $30.44 million. PRIMECAP Odyssey Aggressive Growt bought 0.19 million shares to see its total holdings expand to 2.62 million shares valued at over $27.39 million and representing 2.07% of the shares outstanding. SPDR S&P Semiconductor ETF bought 9504.0 shares to bring its total holdings to over 2.53 million shares at a value of $26.49 million. SPDR S&P Semiconductor ETF now owns shares totaling to 2.00% of the shares outstanding.
Shares of indie Semiconductor Inc. (NASDAQ: INDI) opened at $10.43, up $0.02 from a prior closing price of $10.41. However, the script later moved the day high at 10.54, down -2.98%. The company’s stock has a 5-day price change of -8.18% and 38.17% over the past three months. INDI shares are trading 73.24% year to date (YTD), with the 12-month market performance up to 33.25% higher. It has a 12-month low price of $5.07 and touched a high of $11.12 over the same period. INDI has an average intraday trading volume of 1.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.70%, 22.93%, and 33.66% respectively.
Institutional ownership of indie Semiconductor Inc. (NASDAQ: INDI) shares accounts for 61.90% of the company’s 120.51M shares outstanding. Mutual fund holders own 24.72%, while other institutional holders and individual stakeholders account for 36.67% and 18.71% respectively.
It has a market capitalization of $1.57B and a beta (3y monthly) value of 0.86. The earnings-per-share (ttm) stands at -$0.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.92% over the week and 4.91% over the month.
Analysts forecast that indie Semiconductor Inc. (INDI) will achieve an EPS of -$0.09 for the current quarter, -$0.09 for the next quarter and -$0.12 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.1 while analysts give the company a high EPS estimate of -$0.09. Comparatively, EPS for the current quarter was -$0.09 a year ago. Earnings per share for the fiscal year are expected to increase by 11.40%, and 335.30% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate indie Semiconductor Inc. (INDI) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the INDI, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on February 14, 2023, with the firm’s price target at $10-$13. B. Riley Securities coverage for the indie Semiconductor Inc. (INDI) stock in a research note released on June 15, 2022 offered a Neutral rating with a price target of $8. The Benchmark Company was of a view on May 13, 2022 that the stock is Buy, while KeyBanc Capital Markets gave the stock Overweight rating on October 20, 2021, issuing a price target of $18. B. Riley Securities on their part issued Buy rating on August 24, 2021.
