Ideanomics Inc (NASDAQ: IDEX) is screaming for the top in the market this morning, clocking double-digit gains as investors pile in. However, if you’re looking for press releases or SEC filings, you’re not going to find anything. Here’s why Ideanomics stock is running for the top:
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IDEX Stock Gains On Coming Catalysts
As the month of November begins to near its end, Ideanomics is screaming for the top on no news. So, what’s the deal? Well, there are a couple of coming catalysts.
First and foremost, investors are looking forward to the company’s unveiling of vehicles next month. In fact, it is expected that six new vehicle models will be unveiled, which is a lot for any vehicle manufacturer.
Of course, this catalyst is exciting because with more models of commercial electric vehicles available, more companies are likely to dive in and purchase the company’s products, greatly expanding revenue.
Moreover, IDEX is benefiting greatly from expectations out of PetroChina, China’s state-owned, and largest, refueling station chain. Investors expect for PetroChina to release a press release surrounding the introduction of electric vehicle charging stations to their fuel stations across the country.
Should this take place, the move would likely increase demand for electric vehicles across the country, benefitting IDEX, NIO, and other Chinese electric vehicle manufacturers.
A Biden Win Will Help IDEX
Aside from the fact that there are plenty of catalysts to look forward to ahead when it comes to Ideanomics, the fact that Joe Biden recently won the United States Prewsidential Election is great for the company. There are two reasons a Biden win works out well for IDEX:
- US/China Relations. The United States and China have been in the midst of a trade war under President Trump’s leadership. It is believed that Biden will ease these tensions, leading to economic expansion for China, which would ultimately benefit IDEX and other Chinese companies.
- Clean Transportation. Joe Biden has long been a proponent of clean transportation. While Biden’s policies in the United States seem to have little to do with Chinese companies, he will likely push allies to go green, benefiting IDEX at home. Moreover, with trade tensions likely to come to an end, Ideanomics will likely have a wide open road to the United States market, further expanding its revenue opportunity.
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The Bottom LIne
The bottom line here is that Ideanomics is a strong electric vehicles play at the moment. All stars seem to be lining up to make conditions perfect for dramatic grlwoth in the stock.
Between the fact that multiple catalysts are likely on the horizon, and the fact that a Joe Biden Presidency will likely greatly benefit the company, it’s not surprising to see that investors are so excited.
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