Ideanomics, Inc. (NASDAQ:IDEX)’s stock price dropped 8.5% on Tuesday . The company traded as low as $2.71 and last traded at $3.23. Approximately 43,404,281 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 56,730,566 shares. The stock had previously closed at $3.53.
The company has a market capitalization of $771.88 million and a price-to-earnings ratio of -2.69. The business’s 50 day moving average price is $3.80 and its two-hundred day moving average price is $2.00.
A number of hedge funds have recently added to or reduced their stakes in IDEX. M&T Bank Corp acquired a new stake in Ideanomics during the third quarter valued at approximately $2,673,000. Morgan Stanley increased its stake in Ideanomics by 1,341.8% in the 3rd quarter. Morgan Stanley now owns 1,386,614 shares of the company’s stock valued at $1,260,000 after buying an additional 1,290,442 shares during the period. Cubist Systematic Strategies LLC increased its stake in Ideanomics by 594.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 593,000 shares of the company’s stock valued at $539,000 after buying an additional 507,600 shares during the period. California Public Employees Retirement System acquired a new position in shares of Ideanomics during the 3rd quarter worth $249,000. Finally, Virtu Financial LLC acquired a new position in Ideanomics in the 3rd quarter valued at $193,000. 4.74% of the stock is owned by institutional investors and hedge funds.
Ideanomics, Inc focuses on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing financial services and Fintech products. Its Mobile Energy Global division provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs.
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