Is Ideanomics a Good Electric Vehicle Stock to Add to Your Portfolio? By StockNews

© Reuters. Is Ideanomics a Good Electric Vehicle Stock to Add to Your Portfolio?

The commercial electric vehicle (EV) and fintech operator Ideanomics, Inc. ( IDEX (NYSE:)) has been trying to diversify its portfolio by making strategic deals. However, given its unprofitability and financial weakness, will its diversification efforts help the stock? Read on.Ideanomics, Inc. (IDEX) facilitates the adoption of commercial electric vehicles (EVs) and develops financial services and fintech products. Its share price has climbed 43.2% year-to-date on investors’ optimism over the EV industry’s prospects.

However, IDEX’s stock price had retreated 26.2% over the past three months because of the company’s decision to report its expected sales for its Mobile Energy Global (MEG) segment quarterly rather than monthly.

Even though the company has made strategic acquisitions to enhance and strengthen its portfolio, it remains unprofitable. IDEX’s Malaysia-based E-bike subsidiary Treeletrik recently inked a multi-year deal to serve the ASEAN region. Despite this positive development, the company’s unimpressive financials don’t justify its high valuation. Given that IDEX’s EV business is struggling in the crowded EV space, we think its growth potential looks bleak.

Continue reading on StockNews

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.