Ideanomics Inc. [IDEX] is -82.28% lower this YTD. Is it still time to buy?

Ideanomics Inc. [NASDAQ: IDEX] stock went on an upward path that rose over 2.01% amounting to a one-week price decrease of less than -16.91%. The company report on October 4, 2022 that Ideanomics, Solectrac complete industry-leading delivery of electric tractors to major fleet operators.

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Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that its subsidiary Solectrac secured significant new business-to-business contracts to supply electric tractors to customers operating large fleets. Solectrac has provided a combined total of 17 powerful, zero-emission and quiet e25 tractors to the University of California Agriculture and Natural Resources and a leading private sector plant nursery.

“Our sustained investment to grow the Solectrac brand means that right now we are uniquely positioned to meet the big orders for electric tractors from large fleet operators,” said Robin Mackie, Ideanomics Mobility president. “This is an important, new revenue stream for us, building on the strong value already coming from the fast-growing Solectrac dealer network.”.

Over the last 12 months, IDEX stock dropped by -88.81%. The one-year Ideanomics Inc. stock forecast points to a potential upside of 79.0. The average equity rating for IDEX stock is currently 3.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $102.96 million, with 497.79 million shares outstanding and 465.50 million shares in the current float. Compared to the average trading volume of 5.60M shares, IDEX stock reached a trading volume of 9643505 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 3.00. 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 0.03, with the Price to Sales ratio for IDEX stock in the period of the last 12 months amounting to 0.91. The Price to Book ratio for the last quarter was 0.35, with the Price to Cash per share for the same quarter was set at 0.18.

IDEX Stock Performance Analysis:

Ideanomics Inc. [IDEX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.91. With this latest performance, IDEX shares dropped by -58.58% in over the last four-week period, additionally sinking by -75.90% over the last 6 months – not to mention a drop of -88.81% 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 22.99, with the RSI for the last a single of trading hit 22.20, and the three-weeks RSI is set at 25.59 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.4878, while it was recorded at 0.2134 for the last single week of trading, and 0.7581 for the last 200 days.

Insight into Ideanomics Inc. Fundamentals:

Ideanomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.60.

Ideanomics Inc. [IDEX] Insider Position Details

There are presently around $8 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 5.86% of the total institutional ownership; D. E. SHAW & CO., INC., holding 6,822,183 shares of the stock with an approximate value of $1.45 million in IDEX stocks shares; and STATE STREET CORP, currently with $0.88 million in IDEX stock with ownership of nearly -56.559% of the company’s market capitalization.

39 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 15,199,479 shares. Additionally, 66 investors decreased positions by around 53,035,454 shares, while 33 investors held positions by with 30,007,167 shares. The mentioned changes placed institutional holdings at 38,227,766 shares, according to the latest SEC report filing. IDEX stock had 20 new institutional investments in for a total of 12,106,732 shares, while 38 institutional investors sold positions of 7,834,973 shares during the same period.


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