IDEX Stock News: Ideanomics Inc defies short-sellers preying around it, set to extend gains

Ideanomics Inc (NASDAQ: IDEX) is set to extend its gains on Tuesday after surging 43% on Monday.
The electric carmaker denies allegations of wrongdoing and defies short-sellers.
Ideanomics has reported it delivered orders of EVs.

Yohay Elam FXStreet

Is NASDAQ: IDEX a buying opportunity or just another Wirecard or Luckin Coffee? Short-sellers are rounding up against the Ideanomics Inc, accusing it of wrongdoing, yet investors seem to accept these explanations and buy the stock.

Ideanomics denied it is running out of money, reiterating that what it stated in a recent statement to the Securities and Exchanges Commission, showing its financial stability.

One of the short-sellers, Hindenburg, said that investigators found that workers at the Mobile Energy Group facility were unfamiliar with Ideanomics. A more significant accusation came from J Capital, alleging that reports about business deals were essentially fabricated. Ideanomics put out a separate statement claiming that it delivered 117 units withing various orders, worth around $3.15 million. It also touted another order for 360 unites due for delivery next month.

Alf Poor, IDEX's CEO, stressed that the company is moving forward despite the coronavirus crisis. Investors worldwide are worried about the spread of COVID-19 within the US, yet electric cars should be immune from the implications of the disease.

Ideanomics Inc stock

NASDAQ: IDEX has closed at $2.09 on Monday, up some 43% around seven times the lows seen earlier this year. Zooming out, the stock traded well above $5 on two occasions in recent years. Can it move all the way up there?

It is essential to note that Ideanomic faces competition from Tesla, Nikola, and also Workhorse Group – which is also on course to a tenfold surge since mid-March.

IDEX is worth around $350 million and is registered in Delaware. Its 52-week low was $0.28 and the 52-week peak stood at $3.98.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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