ROTH Capital lifts Ideanomics Inc. [IDEX] price estimate. Who else is bullish?

Ideanomics Inc. [NASDAQ: IDEX] surged by $0.0 during the normal trading session on Monday and reaching a high of $0.178 during the day while it closed the day at $0.17. The company report on December 20, 2022 that Ideanomics’ Subsidiary U.S. Hybrid Expands Partnership with Toyota Tsusho America, Inc. to Convert Existing Diesel Port Vehicles and Equipment to Hydrogen-Powered.

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Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary U.S. Hybrid and Toyota Tsusho America, Inc. are commencing the second phase of collaboration to accelerate the use of zero-emission hydrogen in port drayage operations. U.S. Hybrid will retrofit a second Top Pick Stacker, replacing diesel engines and drive trains with a new hydrogen fuel cell system.

U.S. Hybrid will perform the vehicle retrofit at its facility in Southern California and expects to deliver the new zero-emission port drayage vehicle to the Yusen Terminal in the first half of 2023.

Ideanomics Inc. stock has also gained 4.70% of its value over the past 7 days. However, IDEX stock has declined by -32.93% in the 3 months of the year. Over the past six months meanwhile, it has lost -75.19% and gained 4.70% year-on date.

The market cap for IDEX stock reached $98.07 million, with 579.45 million shares outstanding and 549.50 million shares in the current float. Compared to the average trading volume of 8.95M shares, IDEX reached a trading volume of 7252340 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 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 0.02, with the Price to Sales ratio for IDEX stock in the period of the last 12 months amounting to 0.89. The Price to Book ratio for the last quarter was 0.32.

IDEX stock trade performance evaluation

Ideanomics Inc. [IDEX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.70. With this latest performance, IDEX shares dropped by -15.83% in over the last four-week period, additionally sinking by -75.19% over the last 6 months – not to mention a drop of -86.15% 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 41.94, with the RSI for the last a single of trading hit 47.17, and the three-weeks RSI is set at 39.99 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.2190, while it was recorded at 0.1657 for the last single week of trading, and 0.5246 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Ideanomics Inc. [IDEX] shares currently have an operating margin of -73.36 and a Gross Margin at +15.00. Ideanomics Inc.’s Net Margin is presently recorded at -224.41.

Return on Equity for this stock declined to -92.73, with Return on Assets sitting at -72.33.

Ideanomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.70.

Ideanomics Inc. [IDEX]: Insider Ownership positions

There are presently around $4 million, or 4.60% of IDEX stock, in the hands of institutional investors. The top three institutional holders of IDEX stocks are: STATE STREET CORP with ownership of 4,544,414, which is approximately 10.306% of the company’s market cap and around 0.30% of the total institutional ownership; MILLENNIUM MANAGEMENT LLC, holding 3,511,208 shares of the stock with an approximate value of $0.6 million in IDEX stocks shares; and ERGOTELES LLC, currently with $0.34 million in IDEX stock with ownership of nearly -24.605% of the company’s market capitalization.

Positions in Ideanomics Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 29 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 3,302,424 shares. Additionally, 46 investors decreased positions by around 16,201,483 shares, while 34 investors held positions by with 5,667,155 shares. The mentioned changes placed institutional holdings at 25,171,062 shares, according to the latest SEC report filing. IDEX stock had 12 new institutional investments in for a total of 2,391,203 shares, while 19 institutional investors sold positions of 1,528,231 shares during the same period.


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