Back to top

Image: Bigstock

indie Semiconductor, Inc. (INDI) Stock Jumps 7%: Will It Continue to Soar?

Read MoreHide Full Article

indie Semiconductor, Inc. (INDI - Free Report) shares rallied 7% in the last trading session to close at $6.60. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.5% loss over the past four weeks.

indie Semiconductor extended its rally, driven by its strength across its technology portfolio and growing momentum in autonomous vehicles. Moreover, CEO, Donald McClymont has recently committed to make indie Semiconductor profitable by 2023. Further, the company is set to join the broad-market Russell 2000 Index which remains noteworthy. All these factors are instilling investor optimism in the stock.

This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +60%. Revenues are expected to be $25.71 million, up 180.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For indie Semiconductor, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INDI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

indie Semiconductor, Inc. belongs to the Zacks Electronics - Semiconductors industry. Another stock from the same industry, Lattice Semiconductor (LSCC - Free Report) , closed the last trading session 2.4% higher at $45.79. Over the past month, LSCC has returned -9.3%.

Lattice's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.40. Compared to the company's year-ago EPS, this represents a change of +60%. Lattice currently boasts a Zacks Rank of #1 (Strong Buy).

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

Lattice Semiconductor Corporation (LSCC) - free report >>

indie Semiconductor, Inc. (INDI) - free report >>

Published in