Ideanomics (IDEX) Stock Moves Back Above $3: Should You Buy Now?

Ideanomics (NASDAQ:IDEX) stock is currently among the most exciting electric vehicle plays. Last year the stock surged 263%, which was due to its EV ambition.

Ideanomics (IDEX) Stock Moves Back Above $3: Should You Buy Now?

Founded by professional wrestling mogul Shane McMahon as a financial tech firm, China Broadband, Ideanomics, has gone through various iterations since its establishment. The company has earned a reputation for being into and out of several high-growth industries without stabilizing in any.

Currently, the company runs two divisions Ideanomics Capital and Mobile Energy Global. One division offers fintech products, and the other helps consumers access commercial electric vehicles. In 2020, the company’s EV revenue was $19.5 million, a 600% YoY increase. Therefore, Ideanomics seems to be moving in the right direction.

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However, investors will be looking for a consistent success record before committing capital to the stock. Malaysia’s electric bike maker Treeletrick, which serves the ASEAN region, is among the company’s investments. Ideanomics is an exciting stock to keep an eye on in the coming months.

 

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.