Ideanomics (IDEX) primed for breakout above $5

I believe Ideanomics (IDEX) is about to break out over the coming weeks with a price target of $7. The stock is currently trading around the $3.00 mark and has been Heavily shorted over the past several months!

Here’s why, revenue for the quarter ended March 31, 2021, was $32.7 million and gross profit of $10.8 million! An 8500% increase compared to Q1 2020!

  • First revenues from WAVE – Ideanomics’ inductive charging business and from Timios, our Title and escrow services company – both businesses were acquired in January 2021. Ideanomics is expected to make around $150M in 2021!
  • $356 million cash at quarter end providing a deep pool of capital for investment in our Ideanomics Mobility & Capital business units.

Some information about the several businesses ideanomics owns:

Powering the Largest Wireless Fleet in the U.S. WAVE’s high power wireless charging systems offer a modular solution (125kW to 500kW) across a broad range of commercial applications, including mass transit, ports, warehouse and distribution centers. The largest electric mass transit bus fleet in the US is powered by WAVE.

Accelerating Commercial EV Adoption in China MEG competes in China using its Sales-to-Financing-to-Charging model (S2F2C), helping commercial fleet operators find the best vehicle for their needs and delivering solutions with innovative financing and charging technologies.

America’s First Manufacturer of Electric Tractors With a range of 100% battery powered tractors, Solectrac is leading the transition to zero emission agriculture and utility operations with best-in-class technology for a safer, cleaner and healthier future.

Real Estate Reimagined Timios seamlessly provides an unparalleled real estate transaction experience, making every step simple to manage and stress-free.

The World’s Leading Manufacturer of High-Performance Electric Motorcycles Energica has combined zero emission EV technology with the pedigree of high-performance mobility synonymous with Italy’s Motor Valley to create a range of exceptional products for the high-performance motorcycle market.

Unlocking Medium- and Heavy-Duty EV Medici is working with strategic partners to provide commercial fleet operators more vehicle options in the US and beyond.

Shaping the Future of Sustainable Micromobility Malaysian EV maker with a strong focus on electric scooters and motorbikes has been a key leader in promoting electric mobility in the ASEAN region, and other parts of the world.

Ideanomics also recently acquired a company called US Hybrid and Ideanomics will also be added to the Russel 3000 on the 25th-26 of June, 2021.

This EV company is undervalued compared to it’s peers and has so much growth to offer over the coming months and years.