5 Best Tech Stocks To Buy Right Now Under $10

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

Number of Hedge Fund Holders: 30

Share Price as of July 25: $9.20

indie Semiconductor, Inc. (NASDAQ:INDI) is another semiconductor company on our list. It provides automotive semiconductors and software solutions.

indie Semiconductor, Inc. (NASDAQ:INDI) had 30 hedge funds long its stock in the first quarter, with a total stake value of $175.2 million.

A Buy rating was reiterated on indie Semiconductor, Inc. (NASDAQ:INDI) by Cody Acree at Benchmark on June 30, alongside a $17 price target.

Here’s what Baron Funds said about indie Semiconductor, Inc. (NASDAQ:INDI) in its first-quarter 2023 investor letter:

“indie Semiconductor, Inc. (NASDAQ:INDI) is a designer, developer, and marketer of automotive semiconductors for advanced driver assistance systems (ADAS) as well as connected car, user experience, and electrification applications. Shares rose during the quarter after the company announced the acquisition of GEO Semiconductor and met or exceeded revenue and gross margin guidance for the seventh straight quarter since coming public. After raising capital in late 2022 to fund acquisition activity – we increased our position size when the stock traded down on this convertible bond deal – early this year indie announced its buyout of GEO Semiconductor for up to $270 million (including potential earnouts), to round out its ADAS sensor portfolio with a leader in camera processing technology. We find GEO Semiconductor to be a synergistic acquisition that accelerates indie’s growth and margin trajectory. The automotive semiconductor vertical remains attractive. We believe indie will continue to deliver on its targeted model of profitability in the second half of 2023, achieving 60% gross margins and 30% operating margins by 2025. We also project indie continues to rapidly increase revenue, as it fulfills its $4.2 billion, and growing, strategic backlog.”