Ideanomics Inc (NASDAQ: IDEX) stock is inching higher in early trading Wednesday as value buyers return after the recent sell-off. The stock jumped over 6% to $2.51 in the first 75 minutes of trading.
This morning, the company announced an investment into FNL Technologies, including the sale of Grapevine Village to FNL as part of the deal. As per the deal, Ideanomics will be infusing cash and stock consideration into FNL, in addition to FNL acquiring 100% of Grapevine Logic, Inc. from Ideanomics in exchange for approximately 20% ownership in FNL.
IDEX was one of the hottest stocks last year as the stock went up over 200% in a matter of 2 weeks in November. However, due to recent selling pressure in the broader market, IDEX stock has lost almost half of its value in just 2 months. The stock is trading well above its 200-Day moving average of $2.11 and below its 50-day moving average of $3.23.
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