Shares of IDEX Corp. IEX, +0.66% inched 0.66% higher to $220.60 Monday, on what proved to be an all-around favorable 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 Standard DJIA, +0.29% increasing 0.29% to 34,364.50. This was the stock’s 2nd consecutive day of gains. IDEX Corp. closed $19.73 short of its 52-week high ($ 240.33), which the business reached on December 16th.
The stock exceeded several of its rivals Monday, as Roper Technologies Inc. ROP, -0.80% dropped 0.80% to $434.45, Parker Hannifin Corp. PH, +0.22% climbed 0.22% to $314.17, as well as Dover Corp. DOV, +0.09% rose 0.09% to $173.69. Trading quantity (583,453) overshadowed its 50-day typical quantity of 303,292.
Why Ideanomics Stock Popped Today
Shares of Ideanomics (NASDAQ: IDEX) rose today after the business revealed that one of its subsidiaries, WAVE, expects it’ll have a decrease in electric vehicle (EV) billing prices, thanks to “recent manufacturing as well as engineering financial investments.”
The technology stock was up by 15% for the day.
WAVE is creating wireless charging options for medium- as well as heavy-duty cars. Some of its modern technology includes a hands-free charging system that is “embedded in roads and also fees automobiles throughout scheduled quits.”
The firm stated in journalism launch that its focus on manufacturing as well as engineering enhancements had yielded decreased prices that it will have the ability to pass along to some of its customers.
” For several years, WAVE systems have actually enabled our consumers to match diesel automobiles’ array as well as duty cycle. Handing down newly found price decreases to our consumers with a class-leading service warranty promptly gives fleet operators brand-new electrification remedies,” WAVE’s primary modern technology policeman Michael Masquelier claimed in the release.
In addition to the price decreases, WAVE likewise announced a brand-new charging-as-a-service (CaaS) offering that consists of charging equipment and framework, upkeep, as well as a three-year service warranty for the billing technology. Consumers will certainly have the ability to register for the CaaS offing for a monthly fee.
Some financiers were plainly delighted with Ideanomics’ news today, however some of that positive outlook ought to be tempered by the firm’s lackluster share performance for many years.
Ideanomics’ stock has actually toppled 30% over the past one year, and today’s huge share price spike from simply one press release shows simply how volatile this stock remains to be.
All of which indicates that lasting financiers might wish to be cautious before jumping all-in on Ideanomics’ shares.
NASDAQ: IDEX Loses -2.50% Today; Should You Buy?
Ideanomics Inc (IDEX) stock has actually dropped -60.74% over the last twelve month, and also the ordinary score from Wall Street experts is a Strong Buy. InvestorsObserver’s proprietary ranking system, gives IDEX stock a rating of 33 out of a feasible 100. That rank is mainly affected by a lasting technological rating of 10. IDEX’s rank additionally consists of a temporary technological score of 15. The basic rating for IDEX is 74. In addition to the typical score from Wall Street experts, IDEX stock has a mean target rate of $5.00. This indicates analysts expect the stock to climb 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 actually fallen -0.67% since 10:53 AM on Friday, Jan 7. IDEX has actually dropped -$0.07 from the previous closing price of $1.24 on quantity of 1,856,238 shares. Over the past year the S&P 500 has actually acquired 22.64% while IDEX has dropped -60.74%. IDEX lost -$0.32 per share in the over the last one year.