10 Worst Falling Stocks To Buy Now

8. indie Semiconductor, Inc. (NASDAQ:INDI)

Number of Hedge Fund Holders In Q2 2024: 16

Short Interest % of Shares Outstanding: 14.80

YTD Share Price Loss: 50.26%

indie Semiconductor, Inc. (NASDAQ:INDI) is a specialty semiconductor firm that caters to the needs of the auto industry. Some of its products include sensors for autonomous vehicles and LiDAR products. This makes it unsurprising that indie Semiconductor, Inc. (NASDAQ:INDI)’s shares are down 50.26% year to date as not only have LiDAR firms struggled due to production delays at notable automakers, but the broader EV sector has also seen slowed demand. As the auto industry slows down, indie Semiconductor, Inc. (NASDAQ:INDI)’s customers have built up their inventories, which means that watching inventory levels will be a task for investors moving in the future. Any inventory draw down could translate into tailwinds for indie Semiconductor, Inc. (NASDAQ:INDI)’s shares. Fundamentally, the firm has manageable long term debt levels and its trailing twelve month revenue of $235 million marks a 5% growth over 2023’s figure of $223 million. Additionally, the firm is also diversifying its business into other sectors such as power distribution which could expand its TAM.

indie Semiconductor, Inc. (NASDAQ:INDI)’s management commented on what it’s observing in its channel w.r.t inventory during the Q2 2024 investor call:

“So, as we said in the prepared remarks, we are seeing the inventory situation significantly improving, and that was certainly the case through Q2. It did persevere a little longer than we expected. But at this point, we’re seeing general recovery from the inventory situation. And we do expect that that will allow us a little more flexibility going forward into the second-half of the year.”