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Why Is Ideanomics (IDEX) Stock Up 15% Today?

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  • Ideanomics (IDEX) stock is on the move Tuesday morning.
  • That’s despite any clear news from the company.
  • However, IDEX’s penny stock status may explain today’s gains.
IDEX Stock - Why Is Ideanomics (IDEX) Stock Up 15% Today?

Source: Matthew Troke / Shutterstock.com

Ideanomics (NASDAQ:IDEX) stock is on the rise Tuesday without any recent news from the company explaining the rally.

That includes a lack of new press releases from Ideanomics that give a reason for its climb this morning. Likewise, there have been no filings with the U.S. Securities and Exchange Commission (SEC) or fresh analyst coverage that would result in today’s strong movement.

What traders are seeing is strong pre-market trading of IDEX stock on Tuesday. As of this writing, more than 29 million shares have traded hands. That’s a strong start before normal trading hours, considering the company’s daily average trading volume of about 68 million shares.

Investors will also keep in mind that IDEX is a penny stock. This comes from its low trading price of about 4 cents and market capitalization of around $30 million. These two factors mean it’s incredibly easy for the stock to experience volatility. That’s likely what investors are seeing this morning.

What Is IDEX Stock?

Ideanomics is an electric vehicle (EV) company seeking to speed up the adoption of EVs with a focus on electric tractors. The company has five subsidiaries: VIA Motors, Solectrac, Treeletrik, Wave and US Hybrid divisions.

IDEX stock is up 14.5% as of Tuesday morning after experiencing a 6.9% fall during normal trading hours on Friday.

Investors seeking more of the most recent stock market news will want to keep reading!

We have all of the biggest stock market stories that traders need to know about on Tuesday! Our coverage today includes what’s happening with shares of QualTek Services (NASDAQ:QTEK) stock, the biggest pre-market stock movers this morning and more. You can catch up on all of this stock market news by following the links below!

More Stock Market News For Tuesday!

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-ideanomics-idex-stock-up-15-today/.

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