S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Michael Wittmann, the Chief Operating Officer of indie Semiconductor, Inc. (NASDAQ:INDI), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On March 7, Wittmann sold 13,570 shares of Class A common stock at a price of $2.90 per share, amounting to a total of $39,353. These sales were reportedly made to cover withholding taxes related to the vesting of restricted stock units. The stock, currently trading at $2.74, has experienced significant volatility, with InvestingPro data showing a 32% decline year-to-date.
Additionally, on March 10, Wittmann sold another 10,875 shares at a weighted average price of $2.81 per share, generating $30,558. These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for buying or selling company stock. The company, with a market capitalization of $570 million, currently shows a weak financial health score according to InvestingPro analysis.
The transactions also included several acquisitions of shares through the exercise of stock options, although these did not involve any cash exchange. Wittmann’s recent activities reflect ongoing adjustments to his holdings in indie Semiconductor, a company specializing in semiconductor solutions for automotive and industrial applications. Based on current analyst consensus and InvestingPro Fair Value analysis, the stock appears to be undervalued, despite facing near-term profitability challenges. Discover more insights about INDI and other semiconductor stocks in the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Indie Semiconductor Inc reported its fourth-quarter 2024 earnings, where the company met analysts’ expectations with an earnings per share (EPS) of -$0.07, while revenue slightly missed forecasts at $58 million. Despite the revenue shortfall, the company achieved a 7.5% sequential growth in revenue. KeyBanc Capital Markets has adjusted its outlook on Indie Semiconductor, lowering the price target from $8.00 to $7.00 but maintaining an Overweight rating, citing the company’s strong potential to outperform the auto market once current challenges are overcome. The company faces ongoing uncertainties related to tariffs and a weaker macroeconomic environment, which are affecting new product launches, particularly in Europe. Indie Semiconductor has initiated operational efficiency measures, reducing expenses by $2 million quarterly, as it continues to focus on long-term growth despite near-term market challenges. The company has projected Q1 2025 revenue between $52.5 million and $57.5 million, with expected gross margins of 49-50%. Analysts from KeyBanc express confidence in the company’s long-term prospects, highlighting significant design wins in areas such as vision, radar, and user experience. These developments underscore Indie Semiconductor’s efforts to navigate through present challenges while positioning itself for future growth.
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