IDEX Stock Analysis: Potential Upside, but High Risk and Volatility

Executive Summary

Ideanomics, Inc. (IDEX) is listed on NASDAQ and categorized under the technology sector. As of closing on July 5, 2023, the stock price settled at $0.09. IDEX's trading volume was 58.81 million shares, which is below its three-month average volume of 106.70 million shares. The company's market capitalization was around $73.77 million. Given recent volatility, fundamental, and technical analysis, the stock could be classed as a high risk. This report will provide a detailed analysis of IDEX stock.
Fundamental Analysis

Fundamentally, IDEX is currently trading at a significantly cheap valuation as the P/E ratio is -0.21 to earnings per share (EPS) of -$0.43. Such a negative P/E ratio suggests the firm is currently running at a loss, which highlights the business risk involved with this stock.

Additionally, the announcement made that IDEX would transfer its interest and obligations in the Minority Depository Institution Keepers Fund to Uber without any additional consideration might be causing some investor concern about the company's strategies. However, the overall impact can't be fully assessed at this point, but it should be monitored closely.
Technical Analysis

IDEX's current price of $0.09 is significantly lower than its 200-day moving average of $0.16. However, in recent weeks, the price seems to have generated some upwards momentum, as it is now above the 50-day moving average of $0.06. The MACD value is also positive, which could further support this bullish momentum.
The Relative Strength Index (RSI) stands at 50, indicating that the stock is neither overbought nor oversold, providing a balanced trading condition.
Yet, the stock is currently trading way below its yearly high ($0.77) and slightly above its yearly low ($0.02). Notably, price fluctuations between its yearly high and low indicate some level of volatility, which traders should keep in mind.
Valuation and Projections

The median and consensus price targets for IDEX are both at $1, which is a significant increase from the current market price. This indicates a strong upside potential for the stock if it meets the targets.

Final Evaluation

Considering the above analysis, IDEX can be considered as a highly speculative Buy. The stock's technical indicators hint at potential positive momentum, and the target prices suggest significant upside potential. However, its current low price, coupled with its negative EPS and recent volatile behavior, make it a risky investment. Investors are advised to carefully consider their risk tolerance before investing in IDEX for the long run.

With the next trading day set for July 6, 2023, we could anticipate a further increment following the bullish trend. Looking further ahead, the stock might approach its target price of $1 over the upcoming week if the bullish momentum continues and assuming no adverse news announcement or market-rated events.