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

Ideanomics Inc. [NASDAQ: IDEX] loss -0.78% or 0.0 points to close at $0.18 with a heavy trading volume of 13474675 shares. The company report on January 19, 2023 that Ideanomics subsidiary Energica Motor Company achieves a 52% increase in global unit sales in 2022 vs. 2021.

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Future orders in 2022 for all models are up 70% vs. last year. The volume of orders for the Experia Green Tourer already equals half of all 2022 sales.

Compared to last year, Energica revenue from worldwide motorcycle sales is almost up 70%.

It opened the trading session at $0.1828, the shares rose to $0.1842 and dropped to $0.176, the range by which the price of stock traded the whole day. The daily chart for IDEX points out that the company has recorded -74.49% loss over the past six months. However, it is still -28.57% lower than its most recent low trading price.

If we look at the average trading volume of 8.97M shares, IDEX reached to a volume of 13474675 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 0.91. The Price to Book ratio for the last quarter was 0.34.

Trading performance analysis for IDEX stock

Ideanomics Inc. [IDEX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.74. With this latest performance, IDEX shares dropped by -3.46% in over the last four-week period, additionally sinking by -74.49% over the last 6 months – not to mention a drop of -82.49% 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 45.71, with the RSI for the last a single of trading hit 47.08, and the three-weeks RSI is set at 43.76 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.2047, while it was recorded at 0.1823 for the last single week of trading, and 0.4867 for the last 200 days.

Ideanomics Inc. [IDEX]: A deeper dive into fundamental analysis

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.

An analysis of insider ownership at Ideanomics Inc. [IDEX]

There are presently around $5 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 $0.63 million in IDEX stocks shares; and ERGOTELES LLC, currently with $0.35 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 28 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 3,301,924 shares. Additionally, 42 investors decreased positions by around 16,206,777 shares, while 35 investors held positions by with 5,652,361 shares. The mentioned changes placed institutional holdings at 25,161,062 shares, according to the latest SEC report filing. IDEX stock had 11 new institutional investments in for a total of 2,390,703 shares, while 16 institutional investors sold positions of 1,534,082 shares during the same period.


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