Why Ideanomics Inc. (IDEX) stock lost its early gains in the after-hours on Tuesday?

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ESLT Stock
ESLT Stock

Ideanomics Inc. (IDEX) shares declined 4.35% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $1.54. However, in the regular trading session, IDEX’s stock gained 3.87%. IDEX shares have fallen 41.88% over the last 12 months, and they have moved down 5.29% in the past week. Over the past three months, the stock has lost 35.86%, while over the past six months, it has declined 49.84%.

Let’s have a brief discussion about its recent developments.


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IDEX subsidiary partnership with Invest Green

On November 30, 2021, JUSTLY Markets which is a wholly-owned subsidiary of Ideanomics Inc. (IDEX), agreed to work in partnership with Invest Green, Inc. to provide JUSTLY investors with access to institutional-quality insights and exclusive clean technology investment opportunities. This partnership supports Ideanomics (IDEX) Capital’s mission to offer disruptive solutions for the financial services industry.

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IDEX increasing its stake in Energica Motor

On November 29, 2021, Energica Motor Company expanded its network to 20 dealers in the U.S. Ideanomics (IDEX), is in the process of increasing its ownership stake in the company from 20% to approximately 70%.

Due to the Ideanomics financial support, the Energica brand brought the most advanced electric motorcycles on the market and experienced global sales growth of 91% in 2020.

IDEX latest financial news

On November 23, 2021, Ideanomics (IDEX) announced its third-quarter 2021 financial results for the period ended September 30, 2021.

Q3 2021 financial highlights

  • IDEX reported total revenue of $27 million in Q3 2021 compared to $10.62 million in Q3 2020.
  • The total cost of revenue was $22.5 million in Q3 2021 compared to $9.9 million in Q3 2020.
  • Gross profit for the third quarter was $4.5 million compared to $0.71 million in Q3 2020.
  • Total operating expenses were $56.06 million in Q3 2021 compared to $12.7 million in Q3 2020.
  • It suffered a net loss of $51.09 million or $0.11 loss per share in Q3 2021 compared to a net loss of $8.72 million or $0.03 loss per share in Q3 2020.

IDEX Subsidiary corporate update

On November 24, 2021, Solectrac, which is a wholly-owned subsidiary of Ideanomics (IDEX), appointed 20-year John Deere executive Hariharan Viswanathan to Senior Vice President of Product & Supplier Development, to significantly scale and expedite the availability of the Company’s innovative zero-emission tractors.

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Conclusion

Well, there is no negative news or development which could be linked with its poor performance in the after-hours on Tuesday. We hope that it will commence Wednesday’s trading in a positive mode.

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