Shares of IDEX Corp. IEX, +0.66% inched 0.66% higher to $220.60 Monday, on what showed to be a well-rounded positive trading session for the stock exchange, with the S&P 500 Index SPX, +0.28% rising 0.28% to 4,410.13 and the Dow Jones Industrial Average DJIA, +0.29% climbing 0.29% to 34,364.50. This was the stock’s 2nd consecutive day of gains. IDEX Corp. shut $19.73 short of its 52-week high ($ 240.33), which the company reached on December 16th.
The stock outperformed a few of its competitors Monday, as Roper Technologies Inc. ROP, -0.80% dropped 0.80% to $434.45, Parker Hannifin Corp. PH, +0.22% increased 0.22% to $314.17, and Dover Corp. DOV, +0.09% rose 0.09% to $173.69. Trading quantity (583,453) overshadowed its 50-day average volume of 303,292.
Why Ideanomics Stock Popped Today
Shares of Ideanomics (NASDAQ: IDEX) soared today after the company revealed that of its subsidiaries, WAVE, expects it’ll have a decrease in electrical vehicle (EV) billing expenses, thanks to “recent production and also design investments.”
The tech stock was up by 15% for the day.
WAVE is developing cordless billing solutions for medium- as well as durable cars. Some of its innovation consists of a hands-free charging system that is “ingrained in highways and fees lorries throughout scheduled stops.”
The firm stated in the press release that its concentrate on manufacturing as well as engineering improvements had produced minimized expenses that it will certainly have the ability to pass along to a few of its customers.
” For many years, WAVE systems have enabled our consumers to match diesel lorries’ array and also obligation cycle. Handing down newly found cost decreases to our customers with a class-leading warranty quickly supplies fleet drivers brand-new electrification solutions,” WAVE’s chief innovation policeman Michael Masquelier claimed in the launch.
Along with the expense decreases, WAVE also announced a brand-new charging-as-a-service (CaaS) offering that includes charging hardware and infrastructure, upkeep, as well as a three-year guarantee for the charging modern technology. Consumers will be able to enroll in the CaaS offing for a monthly fee.
Some financiers were clearly happy with Ideanomics’ news today, yet some of that optimism ought to be toughened up by the business’s uninspired share performance for many years.
Ideanomics’ stock has tumbled 30% over the past 12 months, as well as today’s huge share rate spike from just one news release shows simply how unstable this stock remains to be.
Every one of which means that long-lasting financiers might wish to be cautious prior to jumping all-in on Ideanomics’ shares.
Ideanomics Inc (IDEX) Stock Loses -2.50% Today; Should You Acquire?
Ideanomics Inc (IDEX) stock has fallen -60.74% over the last one year, and also the ordinary ranking from Wall Street analysts is a Strong Buy. InvestorsObserver’s exclusive ranking system, offers IDEX equip a score of 33 out of a possible 100. That ranking is mostly influenced by a lasting technological score of 10. IDEX’s rank also consists of a short-term technical score of 15. The basic rating for IDEX is 74. Along with the ordinary rating from Wall Street analysts, IDEX stock has a mean target price of $5.00. This suggests experts anticipate the stock to rise 327.35% over the next one year.
What’s Happening with IDEX Stock Today
Ideanomics Inc (IDEX) stock is down -5.65% while the S&P 500 has dropped -0.67% since 10:53 get on Friday, Jan 7. IDEX has dropped -$0.07 from the previous closing rate of $1.24 on quantity of 1,856,238 shares. Over the past year the S&P 500 has obtained 22.64% while IDEX has dropped -60.74%. IDEX shed -$0.32 per share in the over the last 12 months.