ROTH Capital slashes price target on Ideanomics Inc. [IDEX] – find out why.

Ideanomics Inc. [NASDAQ: IDEX] surged by $0.01 during the normal trading session on Thursday and reaching a high of $0.6269 during the day while it closed the day at $0.62. The company report on August 12, 2022 that Ideanomics Receives Anticipated Notice of Additional Filing Delinquency from Nasdaq.


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Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the adoption of commercial electric vehicles (EV), today announced that, as expected, the Company received an additional notice of non-compliance from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) due to the Company’s failure to timely file the Form 10-Q for the quarter ended June 30, 2022 with the Securities and Exchange Commission (the “SEC”), as required by Nasdaq Listing Rule 5250(c)(1). As previously disclosed, the Company earlier received notices from Nasdaq regarding its non-compliance with the Rule with respect to the Forms 10-K and 10-Q for the fiscal year ended December 31, 2021, and quarter ended March 31, 2022, respectively. The Company plans to regain compliance with the filing requirement by no later than September 12, 2022, which is the deadline in order to remain compliant with Nasdaq requirements. In the event that such deadline is not met then the Company will apply to Nasdaq for a hearing panel.

Ideanomics Inc. stock has also loss -5.07% of its value over the past 7 days. However, IDEX stock has inclined by 12.12% in the 3 months of the year. Over the past six months meanwhile, it has lost -35.85% and lost -48.34% year-on date.

The market cap for IDEX stock reached $330.28 million, with 473.83 million shares outstanding and 467.38 million shares in the current float. Compared to the average trading volume of 6.05M shares, IDEX reached a trading volume of 1939324 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Ideanomics Inc. [IDEX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IDEX shares is $1.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IDEX stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

ROTH Capital have made an estimate for Ideanomics Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 07, 2022. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on February 11, 2022, representing the official price target for Ideanomics Inc. stock. Previously, the target price had yet another raise to $7, while ROTH Capital analysts kept a Buy rating on IDEX stock.

The Average True Range (ATR) for Ideanomics Inc. is set at 0.04, with the Price to Sales ratio for IDEX stock in the period of the last 12 months amounting to 3.34. The Price to Book ratio for the last quarter was 0.56, with the Price to Cash per share for the same quarter was set at 0.59.

IDEX stock trade performance evaluation

Ideanomics Inc. [IDEX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.07. With this latest performance, IDEX shares dropped by -6.64% in over the last four-week period, additionally sinking by -35.85% over the last 6 months – not to mention a drop of -72.57% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IDEX stock in for the last two-week period is set at 41.50, with the RSI for the last a single of trading hit 39.44, and the three-weeks RSI is set at 43.53 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.6941, while it was recorded at 0.6116 for the last single week of trading, and 0.9594 for the last 200 days.

Ideanomics Inc. [IDEX]: An insightful look at the core fundamentals

Ideanomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.90 and a Current Ratio set at 8.00.

Ideanomics Inc. [IDEX]: Insider Ownership positions

There are presently around $24 million, or 8.10% of IDEX stock, in the hands of institutional investors. The top three institutional holders of IDEX stocks are: MILLENNIUM MANAGEMENT LLC with ownership of 8,272,897, which is approximately New of the company’s market cap and around 6.09% of the total institutional ownership; D. E. SHAW & CO., INC., holding 6,822,183 shares of the stock with an approximate value of $4.23 million in IDEX stocks shares; and STATE STREET CORP, currently with $2.55 million in IDEX stock with ownership of nearly -56.559% of the company’s market capitalization.

Positions in Ideanomics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 40 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 15,194,927 shares. Additionally, 66 investors decreased positions by around 53,059,915 shares, while 32 investors held positions by with 30,049,768 shares. The mentioned changes placed institutional holdings at 38,205,074 shares, according to the latest SEC report filing. IDEX stock had 21 new institutional investments in for a total of 12,102,240 shares, while 39 institutional investors sold positions of 7,859,991 shares during the same period.

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