Shares of Ideanomics (NASDAQ:IDEX) rose 94.5% in January, according to data from S&P Global Market Intelligence. The stock gained ground thanks to a combination of acquisitions news, a strong monthly performance update, and momentum for the electric vehicle (EV) space.
Ideanomics published a press release on Jan. 5 announcing that it had signed an agreement to acquire Wireless Advanced Vehicle Electrification (WAVE) in a joint cash-and-stock deal. WAVE is a provider of wireless charging for EVs. The news pushed Ideanomics shares higher, and the stock continued to climb in conjunction with subsequent announcements in the month.
Ideanomics’ Mobile Energy Global (MEG) segment primarily revolves around EV battery technology and has a heavy focus on the Chinese market. The company’s fintech services business remains at an even earlier growth stage but could emerge as a performance driver if it can tap into overall industry momentum. Substantial developments for both of its core business units in January helped Ideanomics stock close out last month with big gains.
Ideanomics completed its acquisition of Timios Holding, a fintech focused on title and settlement solutions, on Jan. 11. The company also posted December results for its MEG division on Jan. 15, reporting delivery of 439 total units, with 356 units for the company’s taxi and ride-hailing segment and 83 units for the rental car segment.
Ideanomics Inc. – Nasdaq-IDEX