Ideanomics (IDEX) Breakout Alert: Closes Above $3

Ahead of a new trading week, investors could consider taking look at the stock that recorded significant gains on Friday and that brings us to the subject of the Ideanomics (NASDAQ: IDEX) stock.

Over the course of the past week alone, the Ideanomics stock soared by as much as 55% and the rally was possibly linked to a major announcement made by the company on Tuesday last week. It should be noted that the stock has performed impressively this year so far and has already delivered gains of as much as 56%.

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Last Tuesday the company announced that it finalized a deal to acquire Wireless Advanced Vehicle Electrification (WAVE). WAVE is involved in providing wireless charging services to medium to heavy electric vehicles.

It is believed that after being acquired by Ideanomics, it will be possible to scale up WAVE’s operations significantly in order to reach more and more customers around the world. It could prove to be an inspired strategic acquisition for Ideanomics.

Jack Dawkins

Finance and Tech Contributor