IDEX Stock News: Ideanomics Inc. starts the week off in the red once again
|- IDEX share price tumbles another -5.80% in trading today.
- Robinhood investors are cutting their losses and abandoning the stock.
- Ideanomics Inc. continues to lag behind other companies in the sector.
NASDAQ:IDEX began the week in the red once again, continuing its slide over the past few weeks of trading. The stock opened at $1.36 per share and briefly touched a spiked up to $1.40 per share, but by the end of the trading day had regressed back down to close at $1.30 per share. A single-day loss of -5.80% for the beleaguered company that has been recently hit by class-action lawsuits regarding misleading statements about false deals that were being made in China.
Ideanomics Inc. stock: Retail investors lose confidence in the company, signaling a selloff
NASDAQ:IDEX was sold off by over 2500 Robinhood investors today according to their analytics page, which was the fourth-highest stock selloff per user on the platform. The selloff is a telltale sign that investors may have reached the tipping point with the company, losing trust and patience with the stock. Ideanomics Inc. has seen an increase in institutionalized purchases of its shares, raising the percentage of its shares owned up to 6.91%. Some investors have been taking this as a signal that banks or hedge fund managers may be looking at IDEX at its current price as a buying opportunity.
Still, with less than a month until quarterly earnings are announced, and amidst their growing legal challenges, Ideanomics Inc. has some rough waters ahead of them. Despite other industry rivals Tesla (NASDAQ:TSLA) and Nio (NASDAQ:NIO) seemingly reaching new all-time highs on a daily basis, IDEX continues to lag behind the sector and the markets in general.
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