Shares of IDEX Corp. IEX, +0.66% inched 0.66% greater to $220.60 Monday, on what showed to be a well-rounded positive trading session for the securities market, with the S&P 500 Index SPX, +0.28% rising 0.28% to 4,410.13 and the Dow Jones Industrial Standard DJIA, +0.29% climbing 0.29% to 34,364.50. This was the stock’s 2nd consecutive day of gains. IDEX Corp. shut $19.73 short of its 52-week high ($ 240.33), which the company reached on December 16th.
The stock outperformed several 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, as well as Dover Corp. DOV, +0.09% rose 0.09% to $173.69. Trading volume (583,453) overshadowed its 50-day typical volume of 303,292.
Why Ideanomics Stock Popped Today
Shares of Ideanomics (NASDAQ: IDEX) skyrocketed today after the business revealed that of its subsidiaries, WAVE, expects it’ll have a reduction in electric vehicle (EV) charging prices, thanks to “current production and engineering financial investments.”
The technology stock was up by 15% for the day.
WAVE is developing cordless billing services for medium- and durable vehicles. Several of its modern technology consists of a hands-free billing system that is “embedded in streets and fees lorries during set up quits.”
The business claimed in the press release that its focus on production and also engineering enhancements had yielded decreased costs that it will certainly have the ability to pass along to a few of its consumers.
” For many years, WAVE systems have actually allowed our clients to match diesel lorries’ array as well as task cycle. Handing down newfound price decreases to our customers with a class-leading guarantee instantly gives fleet drivers brand-new electrification options,” WAVE’s chief technology officer Michael Masquelier said in the release.
In addition to the cost reductions, WAVE likewise announced a new charging-as-a-service (CaaS) offering that includes billing equipment and also facilities, upkeep, and a three-year guarantee for the billing innovation. Clients will certainly have the ability to register for the CaaS homicide for a regular monthly cost.
Some financiers were clearly pleased with Ideanomics’ statement today, yet a few of that optimism must be toughened up by the firm’s lackluster share performance for many years.
Ideanomics’ stock has actually rolled 30% over the past one year, as well as today’s significant share cost spike from simply one press release reveals simply exactly how unstable this stock continues to be.
All of which means that long-lasting investors might intend to beware before leaping all-in on Ideanomics’ shares.
NASDAQ: IDEX Loses -2.50% Today; Should You Buy?
Ideanomics Inc (IDEX) stock has actually fallen -60.74% over the last 12 months, and also the average score from Wall Street experts is a Solid Buy. InvestorsObserver’s proprietary ranking system, gives IDEX stock a score of 33 out of a feasible 100. That rank is largely affected by a long-term technical rating of 10. IDEX’s ranking also includes a short-term technical rating of 15. The essential rating for IDEX is 74. Along with the average score from Wall Street experts, IDEX stock has a mean target price of $5.00. This suggests analysts anticipate the stock to climb 327.35% over the next one 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 fallen -$0.07 from the previous closing rate of $1.24 on quantity of 1,856,238 shares. Over the past year the S&P 500 has actually gotten 22.64% while IDEX has fallen -60.74%. IDEX lost -$0.32 per share in the over the last 12 months.