Ideanomics Inc (IDEX) Stock Price and Forecast: Charging ahead with the sector

  • IDEX is up 36% in 2021, is it fully charged?
  • IDEX operates in the hot electric vehicle sector.
  • The company stock is extremely volatile, with multiple news catalysts of late.

Ideanomics (IDEX) offers solutions for fleet management of electric vehicles (EV), financing solutions for and monetizing the adoption of EV and its associated technology. IDEX also has a mobile energy division which runs battery buyback programs for EV’s. The stock closed at $2.71 on Wednesday and is up 36% so far this year.

IDEX stock news: The sector is hot, hot, hot

It is no surprise that IDEX has been having a stellar start to 2021 as it operates in a sector that is quite topical right now. Traders love TESLA and NIO, and IDEX has benefited accordingly. On Friday, Ideanomics CEO Alf Poor said that while Tesla was set to be the Apple of electric vehicles, IDEX was set to be the Android.

IDEX also has plans to roll out electric vehicles via its Medici unit in the US, Canada and China in 2021 with plans for electric delivery vans, motorbikes buses and trucks. These are ambitious plans.

IDEX growth might be too fast, too furious

IDEX has been trying to expand its business and product offering. It took a stake in Soletrac, an electric tractor maker, and it also purchased Timios Holdings, a real estate title provider. But all this expansion has come at a cost to the bottom line. From 2018 to 2019, the gross profit of IDEX jumped from 2.8M to 40.8M but over the same period in 2020, this has dropped to a small loss. The CEO of IDEX recently exercised 250,000 options at an average of $0.27c per share.

IDEX technical analysis

IDEX is highly volatile, with day traders jumping in and out quickly on the back of any news. It shows huge swings on large volumes. Its current uptrend is still in place with key support at $2.64, the 61.8% Fibonacci retracement of the recent spike, and then at $1.67. Breaking below $2 would put the uptrend in question while falling below and breaking $1.67 would end to the bullish trend. 

IDEX stock price chart


I have no position in IDEX and no business relationship with the company. I have received compensation for writing this article.

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