Ideanomics (IDEX) Stock Is Making A Run For The Top On Update

Ideanomics IDEX Stock News

Ideanomics Inc (NASDAQ: IDEX) is making a run for the top in the market this morning, and for two reasons. First and foremost, the company issued a press release surrounding recent vehicle deliveries. In a second press release, the company address reports issued by short selling firms, helping to keep the excitement going. Here’s what’s happening:

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IDEX Stock Gains On Vehicle Deliveries

In the press release, Ideanomics said that its Mobile Energy Global subsidiary has completed the delivery of 117 electric vehicle units. That works out to revenues of approximately $3.15 million.

In the release, IDEX said that the deliveries included 25 Dongfeng Heavy Truck Units, 40 Aoxin EV500 logistic vehicles and 52 orders for various vehicle types. Importantly, the 40 Aoxin EV500 vehicles were purchased by Jiudao group with follow on orders for an additional 360 vehicles to be delivered.

In a statement, Alf Poor CEO at IDEX, had the following to offer:

Today’s announcement represents Ideanomics’ ability to build momentum and fulfill orders on time, and in some cases ahead of schedule, even during COVID-19. Our team is dedicated to working swiftly to advance our customers’ needs and will continue to do even more as the world reopens.

IDEX Responds To Short Reports

In a second press release, Ideanomics responded to short reports issued by J Capital and Hindenburg research. Essentially, these companies are known for releasing negative research reports and stating within those reports that they are short the stock they are writing about. So naturally, these reports have put serious pressure on the stock.

Nonetheless, in a statement, Alf Poor said:

After consultation with our legal counsel, we believe these communications, marketed as research are illegal or have been banned in many countries, but continue to operate in the grey areas of financial regulatory law in the United States.

In the release, the company pointed to statements that it does not have sufficient capital to survive more than three months, has made claims of ownership of a facility that it does not own, the MEG division does not exist, and recent deals surrounding MEG are a sham.

In the release, IDEX said that these statements were blatant false statements made in an attempt to cash in on declines with large short positions. It also said that it will continue to provide additional material to refute these claims.

What To Watch For Ahead

I have long been against short reports with short positions attached. They are often skewed research and I believe that Ideanomics is on the right track with regard to responding to these reports. So, going beyond that, there’s a lot to look forward to.

Even during the COVID-19 pandemic, IDEX is seeing strong sales and previously announced agreements suggest that sales will continue. So, keep your eyes peeled for further sales reports as the stock could fly following recent short report-related declines.

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