Will indie Semiconductor (INDI) be Able to Approach $1 Billion in Revenue by 2028? – Yahoo Finance UK

Labour could now drop plans to reintroduce the policy
Baron Funds, an investment management company, released its “Baron Opportunity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 15.33% (Institutional Shares), outperformed the Russell 3000 Growth Index, which gained 11.23%, and the S&P 500 Index, which advanced 10.56%. US equities continued their robust performance in Q1 with all major indices touching all-time highs on multiple occasions. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Opportunity Fund highlighted stocks like Indie Semiconductor, Inc. (NASDAQ:INDI), in the first quarter 2024 investor letter. Indie Semiconductor, Inc. (NASDAQ:INDI) offers automotive semiconductors and software solutions. The one-month return of Indie Semiconductor, Inc. (NASDAQ:INDI) was 31.10%, and its shares lost 27.89% of their value over the last 52 weeks. On June 10, 2024, Indie Semiconductor, Inc. (NASDAQ:INDI) stock closed at $7.42 per share with a market capitalization of $1.248 billion.
Baron Opportunity Fund stated the following regarding Indie Semiconductor, Inc. (NASDAQ:INDI) in its first quarter 2024 investor letter:
"Indie Semiconductor, Inc. (NASDAQ:INDI) is a fabless designer, developer, and marketer of automotive semiconductors for advanced driver assistance systems and connected car, user experience, and electrification applications. Shares fell during the quarter as the company guided revenue growth for 2024 below Street expectations as its customers digest excess inventory in the early parts of the year. While indie conservatively still expects to be growing at a healthy 25%-plus year-over-year growth rate, well above the industry and peers, investors are concerned the inventory digestion could last longer into 2024 than initially expected despite management confidence in a strong second half of 2024 driven by over 20 new projects layering in through the year across various automakers and applications. Despite the near-term softening, we believe indie remains well positioned for growth over the medium and long term supported by its $6.3 billion design win backlog (versus $220 million in 2023 revenue), and its large program ramps in 2025, including a marquee radar-related rollout, the biggest program in the company’s history. We believe indie can continue to significantly outpace the broader industry and approach $1 billion in revenue by 2028 with premium margins, all supported by its contracted visibility."
High angle view of a semiconductor chip against an array of electronics components.
Indie Semiconductor, Inc. (NASDAQ:INDI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Indie Semiconductor, Inc. (NASDAQ:INDI) at the end of the first quarter which was 19 in the previous quarter. Indie Semiconductor, Inc.’s (NASDAQ:INDI) revenue for the first quarter of 2024 increased by 29% year over year to $52.4 million, albeit it fell short of guidance. While we acknowledge the potential of Indie Semiconductor, Inc. (NASDAQ:INDI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Indie Semiconductor, Inc. (NASDAQ:INDI) and shared Jim Cramer’s list of stocks that you should avoid. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
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