5 Stocks That Jumped After Jim Cramer’s Negative Call

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

Number of Hedge Fund Holders: 15     

Percentage Increase in Share Price Over Past Month as of August 25: 16% 

Indie Semiconductor, Inc. (NASDAQ:INDI) markets semiconductor products. Cramer has generally been bullish on chip stocks in the past few months but has made a bear case for Indie. In June, the former hedge fund manager took a dig at the firm by saying that he knew about a lot of firms in the chip business that were making a lot of money whose stock was cheap as well. Indie has beaten market estimates on earnings consistently for the last few quarters and expects to cross the profitability barrier in 2023.

On June 15, investment advisory B Riley downgraded Indie Semiconductor, Inc. (NASDAQ:INDI) stock to Neutral from Buy and lowered the price target to $8 from $9. Analyst Craig Ellis issued the ratings update. 

At the end of the second quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $65 million in Indie Semiconductor, Inc. (NASDAQ:INDI), compared to 17 the preceding quarter worth $56 million.

In its Q3 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Indie Semiconductor, Inc. (NASDAQ:INDI) was one of them. Here is what the fund said:

“Indie Semiconductor, Inc. (NASDAQ:INDI) is a fabless designer, developer, and marketer of automotive semiconductors for automated driver assistance systems, user experience, and electrification applications. Indie leverages its cross-domain semiconductor expertise in analog, processing and power chips to integrate multiple chips and capabilities into a single package and offer its customers lower cost products in a smaller form-factor. Indie Semiconductor, Inc. (NASDAQ:INDI) has strong market share in applications such as Apple CarPlay and ultrasonic parking assist with multiple contracts ramping in the coming quarters in applications such as advanced lighting controls, telematics, and electrification. The stock rose on increasing investor recognition of the longer-term opportunity for the company, especially in light of the current automotive semiconductor supply shortage. Semiconductor content in cars is expected to grow substantially over the coming decade as automated safety features and electrification penetrate an increasing percentage of vehicles.”