I must admit, I like the company name Ideanomics (NASDAQ:IDEX). It sums up the main focus of the business, which is new and potentially lucrative ideas. There’s speculation involved, yes, but IDEX stock is one of those investments that could offer generous returns.
Ideanomics isn’t the oldest or the most established companies you can invest in. Therefore, IDEX stock is only appropriate for small allocations, if you choose to buy the shares at all.
That being said, if you like the ideas behind Ideanomics, then IDEX stock might deserve a place in your long-term portfolio. The company is involved with more than one business sector, so you’ll definitely want to read up on what Ideanomics has been up to lately.
But first, let’s rewind a bit and start off with a glance at the historic price action of IDEX stock.
A Closer Look at IDEX Stock
Technically speaking, IDEX stock is classified as a penny stock. The definition of a penny stock is clarified by the U.S. Securities and Exchange Commission as a stock that’s trading for less than $5.
That might deter some folks from wanting to buy IDEX stock. On the other hand, IDEX has a real chance of breaking out of penny stock territory.
The bulls tried to keep IDEX stock above $5 back in 2017, and then again in 2018. More recently, there were sharp price spikes in June and November of last year.
IDEX stock is now just under $4. Thus, the bulls appear to be making another move towards that key $5 level. If they successfully break that barrier, then $7 and $8.50 should be their next price targets.
An International Footprint
As I mentioned earlier, Ideanomics is a company that’s about putting interesting ideas into action. To that, I’ll add that the company seeks to establish its footprint in multiple geographies through its subsidiaries.
Ideanomics has two main divisions. One is Mobile Energy Global, the company’s electric vehicle division. The other one is Ideanomics Capital, which provides services for the fintech industry.
You’ll see evidence of Ideanomics’s footprint in a number of different nations. For instance, Ideanomics recently increased its ownership stake in Solectrac. That’s a company in California which designs battery-powered tractors for agriculture.
And in China, Ideanomics and its contracting entity, Qingdao Chengyang Medici, signed an agreement with Meihao Chuxing to purchase 2,000 BYD (OTCMKTS:BYDDF) D1 model electric ride-hailing vehicles.
One Company, Many Ideas
Ideanomics CEO Alf Poor seemed to imply that more partnerships of this type might happen in the future:
“Supported by a viable government subsidy program, the proliferation of EVs in China is a testament to the value that public and private partnerships can bring to large scale global challenges. We look forward to developing these types of partnerships and the rollout of more innovative vehicles like the D1 to our taxi and ride-hailing customers.”
Furthermore, Ideanomics is the majority owner of Treeletrik. That’s an approved electric vehicle manufacturer and distributor for Malaysia.
Plus, Ideanomics recently completed its acquisition of a company known as Timios Holdings, a U.S.-based title and settlement solutions provider. Timios has been improving the real estate transaction experience for buyers, sellers and professionals since 2008.
That’s a lot to wrap your mind around as a prospective IDEX stock investor. It might take a while for you to delve into each and every one of Ideanomics’s business ventures and partnerships.
But then, if you like the aforementioned business concepts, then IDEX stock could be worth investing in.
The Bottom Line
As we’ve learned, Ideanomics has its operations located internationally. Furthermore, the company is involved in a number of different business ideas.
If you like what you’ve read so far about Ideanomics, then feel free to pursue your own investigation into this unusual company and consider a small position in IDEX stock.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.
