Ideanomics Inc. (NASDAQ: IDEX) bounce back after a recent correction is gathering steam. The stock has bounced off the $2.50 support level and now looks set to continue edging higher with a lot of room to run on the upside. Some of the factors supporting a rally to the upside are solid underlying fundamentals.
The company is the subject of renewed investor interest, having named it green energy transportation initiatives. It makes money on the sale of EV models as well as EV financing solutions. Its capital fintech segment deals in real estate. An aggressive acquisition program has once again affirmed the company’s growth metrics. In the recent past, Ideanomics has closed a deal for the acquisition of a 20% stake in Energica Motor Company, offering exposure to the booming electric motorcycles development and sale.
Besides, it is fresh from reporting impressive quarterly and full-year results Total revenue in the fourth quarter totaled $26.8 million, with EV revenue increasing 600% from 2019 levels. Ideanomics is an exciting pick for investors looking to gain exposure in the burgeoning electric vehicle space.