Ideanomics Inc. [IDEX] is -39.76% lower this YTD. Is it still time to buy?

Ideanomics Inc. [NASDAQ: IDEX] stock went on an upward path that rose over 4.00% on Thursday, amounting to a one-week price decrease of less than -12.64%. The company report on April 6, 2023 that Ideanomics’ subsidiary Solectrac announces an exciting new addition to its lineup of top-selling e25 electric tractors.

Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Solectrac has debuted a new version of its pioneering e25 electric tractor featuring hydrostatic transmission, a mid-PTO and independent PTO operation. Called the e25H, it will be available for order in the second half of 2023 along with the currently available e25G.

“Solectrac was built on a simple idea—Americans who make a living working the land deserve better than noisy, polluting tractors powered by combustion engines. The success of the e25 shows that our premise is right,” says Mani Iyer, Solectrac CEO. “Now, we are going to make our industry-leading e25 electric tractor even better with key updates, so our customers can enjoy all the optionality and utility of an equivalent hydrostatic transmission diesel tractor with much less noise and zero pollution.”.

Over the last 12 months, IDEX stock dropped by -90.85%. The one-year Ideanomics Inc. stock forecast points to a potential upside of 90.0. 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 $74.65 million, with 561.63 million shares outstanding and 533.65 million shares in the current float. Compared to the average trading volume of 15.65M shares, IDEX stock reached a trading volume of 11365743 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 0.01, with the Price to Sales ratio for IDEX stock in the period of the last 12 months amounting to 0.74. The Price to Book ratio for the last quarter was 0.41.

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 -12.64. With this latest performance, IDEX shares dropped by -14.31% in over the last four-week period, additionally sinking by -62.42% over the last 6 months – not to mention a drop of -90.85% 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 34.31, with the RSI for the last a single of trading hit 32.97, and the three-weeks RSI is set at 35.40 for Ideanomics Inc. [IDEX]. The present Moving Average for the last 50 days of trading for this stock 0.1383, while it was recorded at 0.1031 for the last single week of trading, and 0.3422 for the last 200 days.

Insight into Ideanomics Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Ideanomics Inc. [IDEX] shares currently have an operating margin of -159.31 and a Gross Margin at -8.45. Ideanomics Inc.’s Net Margin is presently recorded at -258.27.

Return on Equity for this stock declined to -102.93, with Return on Assets sitting at -61.30.

Ideanomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.50.

Ideanomics Inc. [IDEX] Insider Position Details

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 $0.13 million in IDEX stocks shares; and CITADEL ADVISORS LLC, currently with $0.11 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 Monday and at the time of the Monday reporting period, where 29 institutional holders increased their position in Ideanomics Inc. [NASDAQ:IDEX] by around 7,341,647 shares. Additionally, 47 investors decreased positions by around 14,558,785 shares, while 29 investors held positions by with 4,090,310 shares. The mentioned changes placed institutional holdings at 17,810,122 shares, according to the latest SEC report filing. IDEX stock had 17 new institutional investments in for a total of 640,643 shares, while 32 institutional investors sold positions of 9,409,140 shares during the same period.