SSgA Funds Management, Inc. recently announced the acquisition of new stake in Ideanomics Inc. (NASDAQ:IDEX). The institutional investor has increased its shareholding in the Technology company by 10.31% to 4.54 million shares with purchase of 0.42 million shares. This fresh investment now brings its stake to 0.84% valued currently at $1.39 million. In addition, Renaissance Technologies LLC raised its holdings by 1.22 million to 1.22 million shares.
With over 5.67 million Ideanomics Inc. (IDEX) shares trading Tuesday and a closing price of $0.24 on the day, the dollar volume was approximately $1.36 million. The shares have shown a negative half year performance of -55.39% and its price on 11/22/22 lost nearly -3.24%. Currently, there are 563.60M common shares owned by the public and among those 533.65M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for IDEX have a consensus price objective of $1.00. The analysts have set the share’s price value over the next 12 months at a high of $1.00 and a low of $1.00. The average price target is 76.0% above its recent price level and an upside to the estimated low will see the stock gain 76.0% over that period. But an upside of 76.0% will see the stock hit the forecast high price target while median target price for the stock is $1.00.
Insiders at the company have transacted a total of 3 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 434,275 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Ideanomics Inc. are SPDR S&P Kensho New Economies Com, Multi Units LU – Lyxor MSCI Futur, and SPDR Portfolio Emerging Markets E. SPDR S&P Kensho New Economies Com owns 1.66 million shares of the company’s stock, all valued at over $0.51 million. The company bought an additional 2526.0 shares recently to bring their total holdings to about 0.31% of the shares outstanding. SPDR Portfolio Emerging Markets E now owns shares totaling to 0.13% of the shares outstanding.
However, the script later moved the day high at 0.2500, down -3.24%. The company’s stock has a 5-day price change of -15.25% and -60.63% over the past three months. IDEX shares are trading -80.08% year to date (YTD), with the 12-month market performance down to -85.94% lower. It has a 12-month low price of $0.20 and touched a high of $1.80 over the same period. IDEX has an average intraday trading volume of 8.60 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.65%, -19.32%, and -63.17% respectively.
Institutional ownership of Ideanomics Inc. (NASDAQ: IDEX) shares accounts for 4.60% of the company’s 563.60M shares outstanding. Mutual fund holders own 1.89%, while other institutional holders and individual stakeholders account for 3.59% and 1.33% respectively.
It has a market capitalization of $125.72M and a beta (3y monthly) value of 0.44. The earnings-per-share (ttm) stands at -$0.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.15% over the week and 11.39% over the month.
Analysts forecast that Ideanomics Inc. (IDEX) will achieve an EPS of -$0.05 for the current quarter, -$0.08 for the next quarter and -$0.24 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was -$0.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -24.00%, and 20.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Ideanomics Inc. (IDEX) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Cantor Fitzgerald coverage for the Ideanomics Inc. (IDEX) stock in a research note released on February 11, 2022 offered a Overweight rating with a price target of $3.