Ideanomics (IDEX) Stock Is Unable To Sustain Higher Levels: Where is Why

Currently, Ideanomics (NASDAQ:IDEX) is one of the best electric vehicle bets out there, with its shares surging over 263% in the past year.

Ideanomics (IDEX) Stock Is Unable To Sustain Higher Levels: Where is Why

Initially founded as a fintech company called China Broadband by wrestling scion Shane McMahon, the company has undergone various iterations over time. Therefore, it has come to become popular for getting in and out of high-growth sectors without showing progress in any sector.

The company runs two business units: Ideanomics Capital, which deals with financial technology products, and Mobile Energy Global, which assists customers access EVs. In 2020 it generated $19.5 million in electric vehicle revenue, a 600% increase from the previous year. Therefore, the company could be on the right path, but investors want a consistentsuccess pathway before they can commit capital into the company.

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Although Ideanomics is a diversified conglomerate, its most exciting business unit is the EV division. There is interest in EVs across the globe with considerable market potential, which means opportunities for the company. In the coming weeks, this is a stock to watch.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.