Ideanomics Inc. (NASDAQ: IDEX) stock jumped 3.69% on Friday to $0.72 against a previous-day closing price of $0.70. With 4.1 million shares changed hands, the volume of the stock remained lighter than its average volume of 6.59 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $0.7304 whereas the lowest price it dropped to was $0.6814. The 52-week range on IDEX shows that it touched its highest point at $2.58 and its lowest point at $0.51 during that stretch. It currently has a 1-year price target of $2.00. Beta for the stock currently stands at 0.05.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of IDEX was up-trending over the past week, with a rise of 11.00%, but this was up by 15.31% over a month. Three-month performance surged to 0.39% while six-month performance fell -32.27%. The stock lost -69.68% in the past year, while it has lost -39.61% so far this year. A look at the trailing 12-month EPS for IDEX yields -0.33 with Next year EPS estimates of -0.17. For the next quarter, that number is -0.05. This implies an EPS growth rate of 44.00% for this year and 5.60% for next year.
Float and Shares Shorts:
At present, 473.83 million IDEX shares are outstanding with a float of 467.38 million shares on hand for trading. On Jul 14, 2022, short shares totaled 40.79 million, which was 8.20% higher than short shares on Jun 14, 2022. In addition to Mr. Shane B. McMahon as the firm’s Founder & Exec. Chairman, Mr. Alfred P. Poor serves as its CEO & Director.
Through their ownership of 15.49% of IDEX’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 3.44% of IDEX, in contrast to 2.05% held by mutual funds. Shares owned by individuals account for 11.92%. As the largest shareholder in IDEX with 4.50% of the stake, BlackRock Fund Advisors holds 22,409,601 shares worth 22,409,601. A second-largest stockholder of IDEX, D. E. Shaw & Co. LP, holds 9,784,606 shares, controlling over 1.97% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in IDEX, holding 9,483,811 shares or 1.91% stake. With a 0.78% stake in IDEX, the Fidelity Small Cap Index Fund is the largest stakeholder. A total of 3,854,783 shares are owned by the mutual fund manager. The SPDR S&P Kensho New Economies Com, which owns about 0.32% of IDEX stock, is the second-largest Mutual Fund holder. It holds 1,592,386 shares valued at 1.06 million. Schwab Small Cap Index Fund holds 0.22% of the stake in IDEX, owning 1,112,805 shares worth 0.74 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Sep 29, 2021, IDEX reported revenue of $27.05M and operating income of -$35.60M. Over the past year, revenue came in at $98.90M while operating income stood at -$124.05M. It generated -$50.85M net income for the quarter, which came to -$115.71M over the last twelve months. The EBITDA in the recently reported quarter was -$33.91M and diluted EPS was -$0.11. EBITDA for the full year was -$66.31M.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for IDEX since 1 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With IDEX analysts setting a high price target of $3.00 and a low target of $3.00, the average target price over the next 12 months is $3.00. Based on these targets, IDEX could surge 316.67% to reach the target high and rise by 316.67% to reach the target low. Reaching the average price target will result in a growth of 316.67% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. IDEX will report FY 2022 earnings on 03/31/2023. Analysts have provided yearly estimates in a range of -$0.09 being high and -$0.09 being low. For IDEX, this leads to a yearly average estimate of -$0.09. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Based on analyst estimates, the high estimate for the next quarter is -$0.02 and the low estimate is -$0.02. The average estimate for the next quarter is thus -$0.02.
Summary of Insider Activity:
Insiders traded IDEX stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 2 while that of sell transactions has risen to 1 over the past year. The total number of shares bought during that period was 34,275 while 500,000 shares were sold.