Fred Alger Management LLC Lowers Position in indie Semiconductor, Inc. (NASDAQ:INDI)

Fred Alger Management LLC lowered its stake in indie Semiconductor, Inc. (NASDAQ:INDI) by 99.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,286 shares of the company’s stock after selling 1,665,565 shares during the quarter. Fred Alger Management LLC’s holdings in indie Semiconductor were worth $49,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Truvestments Capital LLC increased its holdings in indie Semiconductor by 15.6% in the 3rd quarter. Truvestments Capital LLC now owns 56,456 shares of the company’s stock worth $225,000 after acquiring an additional 7,601 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of indie Semiconductor by 10.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,318,300 shares of the company’s stock worth $5,260,000 after purchasing an additional 120,071 shares in the last quarter. 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 purchasing an additional 9,689,326 shares during the period. Intech Investment Management LLC purchased a new position in shares of indie Semiconductor during the 3rd quarter valued at $143,000. Finally, Advisors Asset Management Inc. boosted its holdings in indie Semiconductor by 115.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 60,392 shares of the company’s stock worth $241,000 after buying an additional 32,353 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Benchmark lowered their price objective on indie Semiconductor from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lowered their price target on indie Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Roth Mkm dropped their price target on indie Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $8.92.

indie Semiconductor Price Performance

NASDAQ:INDI opened at $5.23 on Monday. The business’s 50-day moving average is $4.03 and its 200 day moving average is $5.04. indie Semiconductor, Inc. has a 12 month low of $3.16 and a 12 month high of $8.69. The company has a market capitalization of $1.06 billion, a P/E ratio of -7.81 and a beta of 1.22. The company has a current ratio of 2.39, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32.

Insiders Place Their Bets

In other indie Semiconductor news, CEO Donald Mcclymont sold 200,000 shares of indie Semiconductor stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $4.71, for a total value of $942,000.00. Following the completion of the transaction, the chief executive officer now directly owns 18,351 shares of the company’s stock, valued at $86,433.21. This trade represents a 91.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas Schiller sold 75,000 shares of the company’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 in the company, valued at $3,742,645.36. This represents a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 281,612 shares of company stock valued at $1,259,860 in the last quarter. 8.20% of the stock is currently owned by insiders.

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.