Key Highlights

  • indie Semiconductor (INDI) has 28.4% of its float sold short with 13.4 days to cover.
  • Q2 Revenue rose 24% year-over-year to about $64 million.
  • indie launched the iND881 edge-AI chip and agreed to buy ams OSRAM's image-sensor group for €40 million.

indie Semiconductor (NASDAQ:INDI) rose 1.6% to $3.10 in pre-market trading without company news, keeping attention on a crowded short position: 28.4% of the float is sold short and it would take 13.4 days of average Volume to cover. The automotive chipmaker grew Q2 revenue 24% and is expanding into edge AI and image sensors, while the stock trades near the bottom of its range.

indie Semiconductor's short interest stands at 28.4 percent of the float, with more than 13 days needed to cover. Days to cover measures how long short sellers would need to buy back their shares at normal volume. At over 13 days, shorts are highly exposed if a catalyst sends the stock higher.

indie designs chips for advanced driver assistance systems (ADAS), in-car connectivity, user experience and electrification. Growth has returned, with Q2 revenue up 24%, and the company is broadening into edge AI with its iND881 system-on-chip and into imaging through the ams OSRAM deal. Auto chip Demand remains cyclical, which is why bears are still betting against the stock.

indie Semiconductor (INDI) Trades Near Lows

The broader session move was down 0.7% before the pre-market gain. Kopin rose 2.1% and NVE Corporation fell 2.6%. INDI's 52-week range is $2.32 to $6.05, and the market Capitalization is about $640 million to $707 million.

INDI Technical Levels

INDI trades below its key moving averages, so the trend is still down. For squeeze traders, the key is a strong close above recent resistance on heavy volume, which could force the 13-day short position to start covering.

Analyst View

The consensus rating is Buy with an average target near $5.72, about 85% above the current price.

Peers Moving on This News