Wall Street Analyst Downgrade Ideanomics Inc. [IDEX]. What else is Wall St. saying

Ideanomics Inc. [NASDAQ: IDEX] slipped around -0.02 points on Monday, while shares priced at $0.25 at the close of the session, down -6.93%. The company report on October 27, 2022 that Ideanomics announces spin-out of its JUSTLY and Timios subsidiaries.

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Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), has begun the process to spin-out JUSTLY and Timios.

“As part of our previously communicated strategic focus on the EV market, we have taken the decision to spin out the fintech businesses which do not support our EV businesses. This decision delivers back to the shareholders the true value of these businesses as they transition outside the Ideanomics family. We have received interest in the sale of these businesses but felt the optimal path was to spin them out of Ideanomics, the process for which will begin this year and extend into 2023. Communicating this as we begin the process allows the valued staff, customers, and partners of these businesses to work together for their successful future outside of Ideanomics said Alf Poor, Ideanomics CEO Ideanomics. “Our shareholders can feel confident that Ideanomics is moving forward with 100% clarity of purpose, applying our people and capital towards offering the best overall value proposition in the EV space and, ultimately, winning more customers.”.

Ideanomics Inc. stock is now -79.08% down from its year-to-date (YTD) trading value. IDEX Stock saw the intraday high of $0.2748 and lowest of $0.2495 per share. The company’s 52-week high price is 2.10, which means current price is +25.50% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 7.74M shares, IDEX reached a trading volume of 10641346 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 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 1.31. The Price to Book ratio for the last quarter was 0.42, with the Price to Cash per share for the same quarter was set at 0.15.

How has IDEX stock performed recently?

Ideanomics Inc. [IDEX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -17.70. With this latest performance, IDEX shares dropped by -1.95% in over the last four-week period, additionally sinking by -55.32% over the last 6 months – not to mention a drop of -87.19% 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 40.71, with the RSI for the last a single of trading hit 41.56, and the three-weeks RSI is set at 39.06 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.3616, while it was recorded at 0.2701 for the last single week of trading, and 0.6860 for the last 200 days.

Ideanomics Inc. [IDEX]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Ideanomics Inc. [IDEX] shares currently have an operating margin of -186.21 and a Gross Margin at -12.16. Ideanomics Inc.’s Net Margin is presently recorded at -367.04.

Return on Total Capital for IDEX is now -34.19, given the latest momentum, and Return on Invested Capital for the company is -81.07. Return on Equity for this stock declined to -88.22, with Return on Assets sitting at -54.36. When it comes to the capital structure of this company, Ideanomics Inc. [IDEX] has a Total Debt to Total Equity ratio set at 4.13. Additionally, IDEX Total Debt to Total Capital is recorded at 3.97, with Total Debt to Total Assets ending up at 3.31. Long-Term Debt to Equity for the company is recorded at 3.62, with the Long-Term Debt to Total Capital now at 3.46.

Reflecting on the efficiency of the workforce at the company, Ideanomics Inc. [IDEX] managed to generate an average of -$892,873 per employee. Receivables Turnover for the company is 4.72 with a Total Asset Turnover recorded at a value of 0.15.Ideanomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.60.

Insider trade positions for Ideanomics Inc. [IDEX]

There are presently around $10 million, or 7.40% 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 0.40% of the total institutional ownership; D. E. SHAW & CO., INC., holding 6,822,183 shares of the stock with an approximate value of $1.71 million in IDEX stocks shares; and STATE STREET CORP, currently with $1.03 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 November and at the time of the November reporting period, where 39 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 15,174,721 shares. Additionally, 58 investors decreased positions by around 52,480,764 shares, while 33 investors held positions by with 29,517,032 shares. The mentioned changes placed institutional holdings at 38,138,453 shares, according to the latest SEC report filing. IDEX stock had 20 new institutional investments in for a total of 12,166,541 shares, while 30 institutional investors sold positions of 7,206,823 shares during the same period.


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