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A technical and fundamental analysis of Ideanomics, Inc. (IDEX) shows that the stock is likely to experience further fluctuations in the short term, with a possible lower bound of $0.0542 and an upper bound of $0.1788, and is currently categorized as a Hold due to its lack of profitability, significant recent price fluctuations, and potential for growth. (June 23, 2023)
Introduction
Ideanomics, Inc. (Ticker: IDEX) is a company listed on the NASDAQ exchange, which recently closed at $0.0918 on June 23, 2023. The company has seen considerable fluctuations in its stock price recently. This report seeks to provide a detailed technical and fundamental analysis of the stock, utilizing the available data to make informed predictions for its performance in the short term.
Technical Analysis
IDEX's last close was $0.0918, representing a change of -$0.01 (-8.11%). The stock had a price low of $0.088 and a price high of $0.0989 during the day. On a 50-day moving average, the stock is trading at $0.0542, while on a 200-day moving average, it sits at $0.1788. Its Relative Strength Index (RSI) for 14 days is at 71, which indicates overbought conditions. IDEX's MACD (3-month) is 0.01175, which can be a measure of short-term momentum.
Fundamental Analysis
Ideanomics has a market capitalization of $74.17 million and earnings per share (EPS) of -$0.56. The stock has a negative price-to-earnings (PE) ratio of -0.16, which signals a lack of profitability. There are currently 807.97 million shares outstanding. The stock's average trading volume is 100.45 million, while its actual trading volume was 34.52 million.
Over the past year, the stock has reached a year high of $0.86 and a year low of $0.02. The next earnings announcement is scheduled for September 7, 2023. Analysts' target prediction for IDEX is $1 for both target high and target low, with a target consensus and target median of $1.
Recent News
Recent news about Ideanomics includes a ~20% plunge in its stock price, followed by a 50% surge on June 13, 2023, as investors bought the dip. The rise occurred after the company announced it would transfer its interest and obligations in the Minority Depository Institution Keepers Fund to Uber for no additional consideration. IDEX has been listed as one of the best penny stocks under $1 to buy in June, although its stock has exhibited considerable volatility.
Stock Predictions
Taking into consideration the technical and fundamental aspects of the stock, it can be predicted that the stock price of IDEX will likely experience further fluctuations in the short term. For the next trading day, June 26, 2023, the stock may continue to be influenced by the overbought RSI level, indicating bearish potential, as well as recent news and volatility. Based on the 50-day moving average, a possible lower bound could be $0.0542, while the 200-day moving average could represent an upper bound of $0.1788 for the upcoming week.
Final Evaluation
Given the analysis of technical and fundamental factors, Ideanomics' stock is currently categorized as a Hold. This is based on the overall market capitalization, lack of profitability, and the significant fluctuations in stock price recently. While there is potential for further growth, especially with the recent news, investors should exercise caution when considering IDEX as an investment due to the stock's volatility and unpredictable short-term movements.
