IDEX Stock News: Ideanomics Inc. sees late-day run to end week in the green

NASDAQ:IDEX stock gains +4.72% during trading session on Friday.
Ideanomics Inc. gains even as the electric vehicle sector gets hammered to end the week.

Stocks Reporter FXStreet

NASDAQ:IDEX saw a rare positive day in the market on Friday as the beleaguered electric vehicle stock gained +4.72% on the day to end the week at $1.33 per share. The stock actually touched as high as $1.43 at the high point of the day, but settled back to $1.33 by the end of the trading session. Still, it is a sign of hope for investors who have been losing faith in the company after being well over $3.00 per share only a month ago. The IDEX stock was still the sixth-highest stock that Robinhood accounts shed from their portfolios this week.

Ideanomics Inc Stock: A rare positive day for IDEX, despite sector losses

The recently red-hot electric vehicle market has cooled this week after an extended rally over the past few months. IDEX rivals finished the day mostly in the red as the NASDAQ finished slightly higher, adding 0.28% to finish at 10,503.19. Ayro (NASDAQ:AYRO), Nio (NASDAQ:NIO), Workhorse (NASDAQ:WKHS), Tortoise (NASDAQ:SHLL), and Nikola (NASDAQ:NKLA) all took a beating on Friday, while Tesla (NASDAQ:TSLA) remained relatively flat as well.

Much of the auto industry headlines have been dominated by Ford (NYSE:F) after they announced the return of the Ford Bronco in various models. Ford also announced the all-electric F-150 pickup truck, which remains the highest selling vehicle in North America. With other big name car companies like BMW, Volkswagen, and Volvo all announcing their own electric vehicles are on the way, the market is suddenly very crowded, which is not necessarily good news for smaller companies like IDEX.

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