Is Ideanomics Inc (IDEX) Stock All Set To Hit $5 in May?

Over the course of the past year or so, the electric vehicle penny stock Ideanomics Inc (NASDAQ:IDEX) emerged as one of the more popular stocks among investors chasing penny stocks. While it is true that the stock has generated gains of as much as 30% in 2021 so far, it is important to note that it is not a particularly impressive figure.

One of the possible reasons for the significant cooling off in interest among investors for Ideanomics may be related to the fact that the level of confidence in electric vehicle stocks have gone down.

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While that may be the case, analyst Chris Lau recently called the Ideanomics stock ‘compelling’. He went on to state that Ideanomics might actually have more opportunities to grow in the electric vehicle market due to its diversification of products.

Lau cited the company’s electric motorcycle and also its product meant for the agricultural market. These are products that might help Ideanomics in creating a niche as the electric vehicle car space gets saturated.

 

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.