Indie Semiconductor, Inc. (NASDAQ:INDI) has seen some recent activity from its Chief Operating Officer Michael Wittmann, according to the latest filings with the U.S. Securities and Exchange Commission. Wittmann completed transactions involving both sales and acquisitions of the company's Class A Common Stock.
On March 21, Wittmann sold a total of 1,580 shares of Indie Semiconductor stock, netting a total of $10,933 at a price of $6.92 per share. This sale was made in accordance with a voluntary equity compensation program approved by the company's Board of Directors in June of the previous year.
In addition to the sale, the COO also sold 805 shares on the same day to cover withholding taxes related to the vesting of restricted stock units, totaling $5,570 at the same price per share. These transactions were conducted in the open market and were part of a sell-all election made at the start of the program period, as stated in the footnotes of the filing.
The filing also disclosed the acquisition of 2,385 restricted stock units (RSUs), which vested immediately upon the grant date as part of the COO's compensation. These RSUs are convertible into an equal number of shares of Class A Common Stock, underlining the company's use of stock-based compensation.
Following these transactions, Wittmann's direct ownership in the company has been adjusted to 35,460 shares of Class A Common Stock. The recent sales and the acquisition of RSUs reflect ongoing changes in the executive's stake in the company, providing investors with insights into insider activity at Indie Semiconductor.
InvestingPro Insights
Amidst the recent insider trading activity, Indie Semiconductor, Inc. (NASDAQ:INDI) presents a unique profile according to InvestingPro data and tips. The company has experienced significant revenue growth over the last twelve months as of Q4 2023, with an impressive increase of 101.42%. This is further highlighted by an even more substantial quarterly revenue growth of 112.35% in Q4 2023. However, this growth comes in the context of the company not being profitable during the same period, with a negative operating income margin of -54.57% and a negative return on assets of -18.12%.
InvestingPro Tips suggest that while analysts do not expect Indie Semiconductor to be profitable this year, the company's liquid assets do exceed short-term obligations, and it operates with a moderate level of debt. This combination of high revenue growth and manageable financial health metrics could be of interest to investors considering the potential for future profitability.
Despite not paying a dividend, which might be a point of consideration for income-focused investors, the company's market capitalization stands at $1.14 billion. The InvestingPro platform further lists additional tips for Indie Semiconductor, providing a deeper dive into the company's financials for users who are interested. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.
For those keeping an eye on the stock's performance, the price has seen a 7.44% return over the past week, although it has declined by 3.63% over the past month and 21.05% over the past three months. With a fair value estimated at $7.25 by InvestingPro and analyst targets suggesting a fair value of $10, the current price of $6.64 per share could imply potential upside, according to these assessments.
Investors may also note that the next earnings date is scheduled for May 9, 2024, which will be an opportune time to evaluate the company's financial performance and future outlook in greater detail.
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