The IDEX stock price has been in a strong sell-off in the past few months as investors worry about the company’s future. As a result, Ideanomics shares have tumbled to the lowest since 2020. The penny stock is trading at $1.04, about 82% below its all-time high of $5.5. Its market value has fallen to about $537 million.
Ideanomics is a relatively small company in the mobility and financing industry. The firm operates its business through its subsidiaries that are involved in different fields. For example, Energica is a company that manufactures electric motorcycles. Its top products are Eva Ribelle, Ego, and EsseEsse9. It also owns Medici Motor Works, that is building electric buses. In addition, its Silk EV has partnered with FAW to build luxury EVs while Solectrac has developed electric tractors.
The IDEX stock price has dropped sharply in the past few months as investors worry about the company’s business model. Also, the decline is because the firm decided to postpone the release of its annual report, commonly known as 10k. Further, the decline mirrors the performance of other EV companies like Lucid and Rivian.
While the stock has been in a downward trend, there have been some positives this year. For example, the CEO, Alfred Poor, bought the stock in two batches. At the time, he spent about $90,000 buying the stock. A few months after, the firm CEO sold stock worth more than $1 million. Still, the CEO buying the stock is a positive thing. Also, analysts at Cantor Fitzgerald initiated covering the shares with a target of $5.
IDEX stock price forecast
The daily chart shows that the IDEX stock price has been in a strong bearish trend. At the same time, it has found a strong support at $0.82, signalling that it may have bottomed. Another fact is that the stock has formed a falling wedge pattern. In price action analysis, this pattern is usually a bullish sign.
Therefore, while Ideanomics is a risky company, a sharp rebound cannot be ruled out in the next few weeks. If this happens, it will likely rise to $2.