Michael Wittmann, Chief Operating Officer of indie Semiconductor, Inc. (NASDAQ:INDI), a company currently valued at $922 million, recently reported selling shares of the company's Class A common stock. According to a recent SEC filing, Wittmann sold 2,012 shares on January 6, 2025, at a weighted average price of $4.71 per share, totaling approximately $9,476. The stock, which has shown significant volatility with a beta of 1.4, appears undervalued according to InvestingPro analysis.
The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Wittmann adopted on March 15, 2024. This plan allows for automated open market sales on predetermined dates through March 2026. Additionally, earlier transactions on January 3, 2025, involved the acquisition of 18,750 shares through the vesting of restricted stock units, without any cash exchange. The timing is notable as the stock has recently shown strong momentum, with a 12.35% return over the past week.
In a related transaction on January 6, Wittmann also disposed of 8,084 shares to cover withholding taxes, at the same average price of $4.71 per share, amounting to $38,075. Following these transactions, Wittmann holds 35,831 shares of indie Semiconductor. Analysts maintain a strong bullish stance on the stock, with a consensus recommendation of 1.29 (where 1 is Strong Buy). Get more detailed insights and 8 additional key ProTips with an InvestingPro subscription.
In other recent news, indie Semiconductor, a provider of automotive semiconductor solutions, has made significant strides in its financial performance and strategic initiatives. The company reported a third-quarter revenue of $54 million, marking a 3.1% sequential growth and exceeding its previous guidance. The non-GAAP gross profit stood at $27.2 million, yielding a gross margin of 50.4%. However, the company also recorded a non-GAAP operating loss of $16.8 million and a net loss of $17.7 million.
In addition to its earnings report, indie Semiconductor announced its intention to offer $175 million aggregate principal amount of Convertible Senior Notes due in 2029. The offering will be directed at qualified institutional buyers, and the proceeds will be used for working capital, general corporate purposes, and potentially for acquisitions. The notes will be convertible into cash, indie's Class A common stock, or a combination of both, at indie's discretion.
Looking ahead, indie Semiconductor projects a promising fourth quarter with revenue estimates ranging from $56 million to $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. Recent design wins with major Original Equipment Manufacturers (OEMs) such as Porsche (ETR:P911_p) and General Motors (NYSE:GM) are expected to contribute to the company's growth.
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