Ideanomics Inc. (NASDAQ: IDEX) has started bottoming out after coming under pressure in recent weeks. After a 48% plus pull back from record highs, the stock has once again started edging higher as investors take note of its tremendous prospects as a player in the burgeoning electric vehicle sector.
A solid 2020 operating results that signal underlying growth is the catalyst that fuels a bounce back after the recent sell-off. Ideanomics announcing it generated $26.8 million in revenues in 2020 with EV revenue increasing 600% to $16.8 million has got investors excited. Robust EV sales growth came amid strong demand for the company’s charging and battery systems. Likewise, the company expects revenue from charging systems to grow as demand and sales for electric vehicles increases.
Ideanomics is one of the companies well-positioned to profit amid the electric vehicle revolution. As more EV cars come to the road, there will be strong demand for charging systems, presenting an opportunity for the company to generate more revenues, therefore more shareholder value. Conversely, Ideanomics is trading at a great discount going by the tremendous opportunities in the EV space. By the way, IDEX stock is up 135 in pre-market trading today.