Michael Wittmann, Chief Operating Officer of indie Semiconductor, Inc. (NASDAQ:INDI), recently sold 3,125 shares of the company's Class A common stock. The stock, currently trading at $4.66, has shown significant momentum with a 13.7% gain over the past week and a 15% rise year-to-date, according to InvestingPro data. The transactions, executed on January 2, 2025, were part of a pre-established Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $4.17, generating a total of $13,031. Following these sales, Wittmann holds 25,735 shares directly. With a market capitalization of $859 million and current ratio of 2.39, InvestingPro analysis indicates the company's liquid assets exceed short-term obligations, though the stock appears undervalued based on its Fair Value assessment.
The sales were conducted according to a trading plan adopted on March 15, 2024, which outlines automated market sales on predetermined dates through March 10, 2026. The share prices for this transaction ranged from $4.06 to $4.25. For comprehensive insider trading analysis and 8 additional key insights about INDI, visit InvestingPro, where you'll find detailed Pro Research Reports covering what really matters for smarter investment decisions.
In other recent news, indie Semiconductor has made significant strides in its financial and operational developments. The company recently launched a $175 million offering of Convertible Senior Notes due in 2029, targeting qualified institutional buyers. The proceeds of the offering will be used for working capital, general corporate purposes, and potentially, acquisitions.
The company's third-quarter performance surpassed previous guidance with revenue reaching $54 million, marking a 3.1% sequential growth. indie Semiconductor also reported a non-GAAP gross profit of $27.2 million, leading to a gross margin of 50.4%. However, it also disclosed a non-GAAP operating loss of $16.8 million and a net loss of $17.7 million.
Looking ahead, indie Semiconductor has forecasted a promising fourth quarter with revenue estimates ranging 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. Furthermore, the company has secured recent design wins with major Original Equipment Manufacturers such as Porsche (ETR:P911_p) and General Motors (NYSE:GM), as part of its ongoing efforts to drive growth through its innovative product portfolio and operational excellence.
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