Sometimes, it’s possible for a company to achieve broad diversification. That company is Ideanomics (NASDAQ:IDEX), which is focused on sustainability but invests in multiple businesses. Their success makes IDEX stock worth adding to your environmental, social and governance (ESG) holdings.
Ideanomics is involved in partnerships and mergers with a number of companies. As a result, it has a footprint in several niche market sectors. Plus, an upcoming buyout of a clean transportation specialist should enhance Ideanomics’ already considerable value proposition.
IDEX stock has fallen from its recent peak price. This is a perfect dip-buying opportunity for investors.
Here’s the rundown on Ideanomics. The company is headquartered in New York City and has two main divisions. One is Ideanomics Mobility, the electric vehicle division. The other is Ideanomics Capital, which provides services for the fintech industry.
Ideanomics is in expansion mode, with diversified holdings in the broader clean energy space.
For instance, the company significantly increased its ownership stake in Solectrac, a California-based business that designs battery-powered tractors for farming.
Ideanomics also acquired a majority stake of the sales and distribution arm of Treeletrik, an electric vehicle company in Malaysia.
But don’t assume that Ideanomics is exclusively focused on clean-energy vehicles. The company acquired Timios Holdings, a U.S.-based settlement and title company.
Big Move into Zero-Emissions Transportation
It might be hard to keep track of Ideanomics’ various acquisitions. Nevertheless, I’m going to ask you to add one more to the list. Ideanomics will soon acquire US Hybrid, a California-based clean transportation company.
US Hybrid provides zero-emission powertrain components for electric, hybrid and fuel cell applications. These components include power conversion systems for battery electric, fuel cell and hybrid vehicles. US Hybrid also manufactures systems for renewable energy generation and storage.
Ideanomics CEO Alf Poor called the US Hybrid acquisition “a significant one for our EV efforts across the Ideanomics Mobility division.”
Poor further commented that the deal “is the stepping-stone we were looking for to ensure we provide vehicles and technologies that can proudly allow us to state the meaningful components are Made in America.”
IDEX Stock at a Glance
It’s fair to say that IDEX stock has a long-term bullish trend. But there have been some fast moves in both directions along the way.
A year ago, shares were available for just 44 cents. Since then, the bulls pushed the price above $5, but didn’t manage to keep it there. This would technically make IDEX stock a penny stock, since it’s trading for less than $5.
There was a powerful bull run in February, when the share price briefly topped out at a 52-week high of $5.53. However, the stock quickly dipped below $5 again.
On the morning of May 18, IDEX stock was trading near the $2.60 level. At this price, the bulls might push the stock above $5 again sometime in the future.
The IDEX Stock Price Drop is a Perfect Opportunity
Ideanomics has meaningful acquisitions and stakes in clean-energy businesses. This has significantly increased the investment value of the company, and by extension, IDEX stock.
And with IDEX stock off of its peak price, today might be a good day to buy a few shares. There are no guarantees, but the stock price might double eventually.
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On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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