Shares of IDEX Corp. IEX, +0.66% inched 0.66% higher to $220.60 Monday, on what verified to be a well-rounded positive trading session for the securities market, with the S&P 500 Index SPX, +0.28% climbing 0.28% to 4,410.13 as well as the Dow Jones Industrial Average DJIA, +0.29% climbing 0.29% to 34,364.50. This was the stock’s second successive day of gains. IDEX Corp. shut $19.73 except its 52-week high ($ 240.33), which the company got to on December 16th.
The stock outshined some of its competitors Monday, as Roper Technologies Inc. ROP, -0.80% fell 0.80% to $434.45, Parker Hannifin Corp. PH, +0.22% rose 0.22% to $314.17, and Dover Corp. DOV, +0.09% rose 0.09% to $173.69. Trading volume (583,453) overshadowed its 50-day average volume of 303,292.
Why Ideanomics Stock Popped Today
Shares of Ideanomics (NASDAQ: IDEX) skyrocketed today after the company announced that one of its subsidiaries, WAVE, anticipates it’ll have a decrease in electric car (EV) charging prices, thanks to “current manufacturing and design financial investments.”
The tech stock was up by 15% for the day.
WAVE is establishing cordless charging solutions for tool- and sturdy lorries. Some of its innovation includes a hands-free billing system that is “embedded in highways as well as charges lorries throughout set up stops.”
The company stated in the press release that its concentrate on production and engineering enhancements had produced lowered expenses that it will have the ability to pass along to several of its consumers.
” For many years, WAVE systems have allowed our consumers to match diesel vehicles’ variety as well as responsibility cycle. Handing down newly found expense reductions to our customers with a class-leading guarantee quickly provides fleet drivers brand-new electrification services,” WAVE’s chief technology officer Michael Masquelier claimed in the release.
In addition to the price reductions, WAVE additionally introduced a brand-new charging-as-a-service (CaaS) offering that consists of billing equipment as well as infrastructure, maintenance, and a three-year guarantee for the charging modern technology. Clients will be able to sign up for the CaaS offing for a monthly charge.
Some capitalists were clearly satisfied with Ideanomics’ announcement today, but a few of that optimism should be toughened up by the firm’s lackluster share performance for many years.
Ideanomics’ stock has toppled 30% over the past 12 months, and also today’s significant share cost spike from simply one news release reveals simply how volatile this stock continues to be.
Every one of which indicates that lasting investors might want to beware before jumping all-in on Ideanomics’ shares.
NASDAQ: IDEX Sheds -2.50% Today; Should You Purchase?
Ideanomics Inc (IDEX) stock has actually dropped -60.74% over the last twelve month, and also the average rating from Wall Street experts is a Solid Buy. InvestorsObserver’s exclusive ranking system, offers IDEX equip a score of 33 out of a possible 100. That ranking is mostly affected by a long-term technical score of 10. IDEX’s rank additionally includes a short-term technical score of 15. The fundamental score for IDEX is 74. In addition to the typical ranking from Wall Street experts, IDEX stock has a mean target cost of $5.00. This suggests analysts expect the stock to rise 327.35% over the next 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 AM on Friday, Jan 7. IDEX has actually fallen -$0.07 from the previous closing cost of $1.24 on quantity of 1,856,238 shares. Over the past year the S&P 500 has gotten 22.64% while IDEX has actually dropped -60.74%. IDEX lost -$0.32 per share in the over the last 12 months.