IDEX: Portfolio Effect Lifts Traction in Commercial EVs; Buy & $7.00 PT
Equities research analysts at Roth Capital initiated coverage on shares of Ideanomics (NASDAQ:IDEX) in a research report issued to clients and investors on April 14, 2021, The brokerage set a “buy” rating and a $7.00 price target on the stock. Roth Capital’s target price would suggest a potential upside of 158.30% from the stock’s previous close.
Shares of NASDAQ:IDEX opened at $2.71 on Wednesday. Ideanomics has a one year low of $0.37 and a one year high of $5.53. The company has a 50 day moving average of $3.08 and a 200-day moving average of $2.46. The stock has a market cap of $647.61 million and a price-to-earnings ratio of -2.30.
“Initiating coverage on Ideanomics at Buy and a $7.00 PT. Ideanomics has united a strategic selection of 12 companies to target the emerging growth opportunities in commercial electric vehicles and fintech. We like the stock for the rapid success of IDEX’s portfolio of commercial EV tech companies, as entrepreneur founders seem to benefit from collaborative resources and technology, also accelerating business development. Visible success at Tree Technologies and WAVE likely points to rising momentum across the group.”
“We initiate coverage of Ideanomics at Buy with a $7.00 PT. Ideanomics is a disruptive technology company that has assembled a portfolio of companies targeting growth in two markets: commercial electric vehicles and fintech. Mgmt has strategically assembled Ideanomics to bring reality to its vision of a full-service provider for commercial EV fleets. The current portfolio includes a range of vehicles, financing solutions, and battery & charging products and services, uniting the entrepreneurs and founders of different companies to benefit from shared resources.”
Several institutional investors and hedge funds have recently modified their holdings of IDEX. MONECO Advisors LLC acquired a new position in shares of Ideanomics in the fourth quarter valued at about $27,000. LMR Partners LLP bought a new stake in shares of Ideanomics in the 4th quarter valued at $48,000. JPMorgan Chase & Co. raised its holdings in Ideanomics by 57.9% during the third quarter. JPMorgan Chase & Co. now owns 29,142 shares of the company’s stock worth $26,000 after buying an additional 10,687 shares during the last quarter. Focused Wealth Management Inc bought a new position in Ideanomics during the fourth quarter worth about $60,000. Finally, Citigroup Inc. bought a new position in Ideanomics during the fourth quarter worth about $114,000. 4.74% of the stock is currently owned by institutional investors.
Ideanomics Company Profile
Ideanomics, Inc focuses on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing financial services and Fintech products. Its Mobile Energy Global division provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs.