Ideanomics Inc. [IDEX] Revenue clocked in at $110.10 million, down -34.51% YTD: What’s Next?

Ideanomics Inc. [NASDAQ: IDEX] loss -4.45% on the last trading session, reaching $0.11 price per share at the time. The company report on March 9, 2023 that Made in California: Ideanomics subsidiary US Hybrid and Global Environmental Products begin manufacturing 18 zero-emission street sweepers for Caltrans.

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Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that manufacturing has started on 18 zero-emission street sweepers featuring US Hybrid’s electric and hybrid electric propulsion kits. California-based Global Environmental Products (GEP) will manufacture and deliver the sweepers to the California Department of Transportation (Caltrans) in the coming weeks.

At the same time, GEP will also manufacture seven additional zero emission sweepers featuring US Hybrid technology for other customers.

Ideanomics Inc. represents 674.08 million in outstanding shares, while the company has a total market value of $76.08 million with the latest information. IDEX stock price has been found in the range of $0.1044 to $0.1125.

If compared to the average trading volume of 13.85M shares, IDEX reached a trading volume of 17199791 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 0.01, with the Price to Sales ratio for IDEX stock in the period of the last 12 months amounting to 0.69. The Price to Book ratio for the last quarter was 0.20.

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 -14.90. With this latest performance, IDEX shares dropped by -34.27% in over the last four-week period, additionally sinking by -80.99% over the last 6 months – not to mention a drop of -89.20% 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 24.14, with the RSI for the last a single of trading hit 16.81, and the three-weeks RSI is set at 29.45 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.1635, while it was recorded at 0.1158 for the last single week of trading, and 0.3926 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 $2 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 10,287,874, which is approximately 126.385% of the company’s market cap and around 0.30% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 1,355,468 shares of the stock with an approximate value of $0.14 million in IDEX stocks shares; and CITADEL ADVISORS LLC, currently with $0.12 million in IDEX stock with ownership of nearly 40.278% of the company’s market capitalization.

Positions in Ideanomics Inc. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 30 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 7,386,127 shares. Additionally, 48 investors decreased positions by around 14,559,585 shares, while 28 investors held positions by with 4,096,160 shares. The mentioned changes placed institutional holdings at 17,849,552 shares, according to the latest SEC report filing. IDEX stock had 18 new institutional investments in for a total of 693,573 shares, while 33 institutional investors sold positions of 9,409,940 shares during the same period.


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