Ideanomics Inc (IDEX) Stock Price and Forecast: Bullish trend still in place

Bullish chart trend still in place after wild ride for retail shares on Thursday.
Ideanomics (IDEX) has been part of the wallstreetbets Reddit phenomenon.
IDEX has benefited from strong retail interest and is up 99% for 2021!

Ivan Brian FXStreet

Update: The uptrend in IDEX survives for another day with key short term support at $3.41 tested on Thursday. The wild ride in Gamestop (GME) related stocks may hit IDEX, but so far the trend remains bullish. Someone bought a $7 call option with a one-year expiry yesterday so clearly, they agree!!

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 has performed well in 2021 showing a gain of over 100% so far!

IDEX stock news

IDEX has multiple catalysts right now. IDEX operates in the electric vehicle sector, which investors are very positive on right now. Just see Tesla (TSLA), NIO, etc. The Ideanomics CEO Alf Poor said in January that Tesla was set to be the Apple of electric vehicles, IDEX was set to be the Android! Not too shabby if IDEX achieves that! And last but certainly not least, we have the Gamestop (GME) effect!

The Gamestop (GME) effect

The phenomenon of 2021 has been Gamestop (GME). The massive short squeeze (or is it?), the rise of retail and the prominence of /wallstreetbets. The GME story is far from over and has repercussions across the entire stock market, changing the way the market works.

IDEX has nearly 20% short interest, with the short interest rising by 16% in December alone. IDEX has been mentioned as one of many potential shorts to squeeze along with the king Gamestop (GME), AMC, NIO, KOSS, LGND and others.

IDEX business news

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 projects.

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.

Ideanomics (IDEX) technical analysis

IDEX is in a strong uptrend on the 4-hour chart, with a series of higher lows and higher highs. The RSI has not peaked despite IDEX nearly reaching the previous high of $4.75. Support at $3.41 keeps the uptrend in place, with a break of the old high $4.75 the target.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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