This Automotive Tech Stock Is Up 80% So Far in 2023 -- Is It Too Late to Buy?
indie Semiconductor (NASDAQ: INDI) continues to impress. While many companies that went public via SPAC in 2021 are far underwater, this tiny chip designer continues to rapidly scale its business on the back of connected auto and electric vehicle technology. As of this writing, the stock has rallied about 73% so far in 2023, bringing it close to where it made its debut in public markets nearly two years ago.
Automotive technology is going to be a top investment trend in the coming years, but the run-up in indie Semi's stock has me a bit nervous. Is it too late to buy?
Investors cheered on indie's Q4 2022 earnings update. Revenue was $33 million (or $132 million on an annualized basis), meeting management's guidance provided a few months ago. More importantly, though, the adjusted gross profit margin on products sold was 52.2%, exceeding the expectation for "the 51% range."
Source Fool.com
