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NASDAQ: IDEX stock loses the momentum from positive gains on Wednesday.
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Ideanomics Inc ends the trading session -2.31% lower, extends losses in after-hours trading.
NASDAQ: IDEX investors watched as Wednesday’s gains quickly evaporated on Thursday as the stock ended another trading session in the red. Thursday marks the fifth day out of the last six where IDEX ended the day in a loss – and it is not surprising that investors are starting to lose patience with the company. After-hours trading has seen a further decline of -1.57%, proving that more investors are cutting their ties with their shares of IDEX.
On a day where all major markets ended lower, the red-hot electric vehicle industry cooled off as even Tesla (NASDAQ: TSLA) pulled back from its record-setting pace. Other IDEX rivals including Workhorse Group Inc. (NASDAQ: WKHS), NIO Inc. (NASDAQ: NIO), and Nikola Corporation (NASDAQ: NKLA) all finished lower as well.
A further 1.3 million Americans filed for unemployment last week, sending the markets tumbling into negative territory as concerns about the economy opening back up loom largely in investors’ minds. It goes without saying that the more people who are unemployed, fewer people will be spending on luxury items, like new cars.
Still, the future of the industry remains bright. In a world where avenues like public transportation may fall out of favor, the trend towards electric vehicles – and eventually, autonomous driving – should mean better days are ahead. Governor Cuomo of New York has announced a $750 million plan to add 50,000 charging stations around the state in what can only be seen as a huge victory for electric vehicle investors. Whether Ideanomics Inc. has the ability to compete with the Teslas or Nikolas of the world moving forward remains to be seen, and it seems evident that the patience of its investors is wearing thin.