Michael Wittmann, the Chief Operating Officer of indie Semiconductor, Inc. (NASDAQ:INDI), recently executed a sale of 18,375 shares of the company's Class A common stock. The shares were sold at an average price of $4.10 each, resulting in a total transaction value of approximately $75,337. The transaction comes as the stock trades near $4.42, having declined over 30% in the past six months. According to InvestingPro analysis, the company's market capitalization stands at $891 million.
Following the transaction, Wittmann retains ownership of 28,860 shares. This sale was conducted under a pre-established Rule 10b5-1 trading plan, which allows for automated open market sales on predetermined dates. The plan was adopted in March 2024 and is set to continue through March 2026. Despite recent price volatility, analysts maintain a strong buy consensus with price targets ranging from $6 to $10 per share, suggesting potential upside from current levels.
The sales were executed at prices ranging from $3.99 to $4.34 per share, according to the filing. Wittmann's actions were part of a strategic plan to manage his holdings in indie Semiconductor, a company engaged in the development of semiconductor solutions. While the company faces profitability challenges, InvestingPro data shows strong liquidity with a current ratio of 2.39, indicating solid short-term financial health.
In other recent news, indie Semiconductor announced its intention to offer $175 million in Convertible Senior Notes due in 2029, targeting qualified institutional buyers. The company also plans to grant an option to purchase up to an additional $26.25 million in notes within a 13-day period starting from the issuance date. Proceeds will be used to pay for the capped call transactions, with remaining funds allocated for working capital and general corporate purposes.
On the earnings front, indie Semiconductor reported third-quarter revenue of $54 million, marking a 3.1% sequential growth and surpassing its previous guidance. The company's non-GAAP gross profit was $27.2 million, resulting in a gross margin of 50.4%. Despite this, a non-GAAP operating loss of $16.8 million and a net loss of $17.7 million were reported.
Looking ahead, indie Semiconductor projects a promising fourth quarter with revenue estimates between $56 million and $60 million, indicating over 7% sequential growth. The company's strategic backlog has grown to $7.1 billion, with Advanced Driver Assistance Systems (ADAS) constituting over 72% of the backlog. These are recent developments in indie Semiconductor's operations.
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